Slow iPhone sales, an AirPower debacle, and lackluster announcements of News+ and other services have little impact on the Apple brand as the company has regained its number #3 position in Fortune 500 rankings.
Notably, Apple is placed at the number one position in two categories. The Cupertino-based tech giant is the most profitable company in the list, wherein JPMorgan Chase and Alphabet (Google parent company) are left on second and third positions.
iPhone Maker Back At 3rd Position in Fortune 500 List
In the technology sector, Apple is the leader as Alphabet, Microsoft, Dell Technologies, and IBM follow the iPhone maker in the list.
Interestingly, Fortune ranks companies based on their revenue. And the top ten companies are:
- Exxon Mobil
- Berkshire Hathaway
- UnitedHealth Group
- CVS Health
About Apple’s business model, Fortune notes:
“Two thousand eighteen will be remembered as the year that Apple first achieved a market value of $1 trillion, as well as when growth in iPhones, Apple’s largest single product by far, began to slow. Before the introduction of the iPod—the iPhone’s precursor—Apple was a once-exciting computer maker. Now, only a retailer and an oil company are bigger. Its challenge: as consumers hang onto phones longer, Apple is repositioning itself as a services provider. Already iTunes, Apple Music, iCloud, and cuts from sales in its popular Apple Store generate billions of dollars of sales.”
Apple has shown excellent performance year after year, and for the last 37 years, it has been listed in the Fortune 500. In 2002, Apple ranked #325; but the brand jumped back to top 10 in 2013, and it has remained its position since then.
According to Fortune, the top 500 companies account for two-thirds of America’s GDP.
“This year’s Fortune 500 marks the 65th running of the list. In total, Fortune 500 companies represent two-thirds of the U.S. GDP with $13.7 trillion in revenues, $1.1 trillion in profits, $22.6 trillion in market value, and employ 28.7 million people worldwide.”
Fortune also details its methodology and credits:
“Companies are ranked by total revenues for their respective fiscal years. Included in the survey are companies that are incorporated in the U.S. and operate in the U.S. and file financial statements with a government agency. This includes private companies and cooperatives that file a 10-K or a comparable financial statement with a government agency and mutual insurance companies that file with state regulators.”
You can check the list of Fortune 500 by using filters like profits, balance sheet, number of employees, earnings per share, and total return to investors.
That’s all folks!
Apple’s current ranking on Fortune 500 proves that the company will undoubtedly bring back its old glory. Investors still have hope and expectations from Apple and its team. Hardware announcement in September 2019 will be crucial for Apple.
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