Apple has ranked third in the annual Fortune 500 list
of the highest-revenue-generating companies based in the United States, with $265.5 billion revenue in fiscal 2018, trailing only Walmart and oil giant ExxonMobil.
Apple moved up one spot in this year's rankings
, overtaking billionaire investor Warren Buffett's holding company Berkshire Hathaway.
's description of Apple:
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 made the Fortune 500 list for 37 years and has now cracked the top 10 spots for seven consecutive years:
- 2019: 3rd
- 2018: 4th
- 2017: 3rd
- 2016: 3rd
- 2015: 5th
- 2014: 5th
- 2013: 6th
- 2012: 17th
- 2011: 35th
- 2010: 56th
Other notable technology companies in this year's Fortune 500 include Amazon in fifth, Google parent company Alphabet in 15th, and Microsoft in 26th.
This article, "Apple Rises to Third in Annual Fortune 500 List of America's Largest Companies
" first appeared on MacRumors.comDiscuss this article
in our forums
After retaining the #3 spot
on the Fortune 500 list for the past two years, in 2018
Apple has dropped one place
and now sits at #4 on the list of the top U.S. corporations based on gross revenue. Apple's displacement on the list came due to Exxon Mobil rising from #4 in 2017 to #2 in 2018.
The full top five spots were Walmart at #1, Exxon Mobil at #2, Berkshire Hathaway at #3, Apple at #4, and UnitedHealth Group at #5. Other technology companies on the list include Amazon at #8, AT&T at #9, Verizon at #16, Alphabet at #22, and Microsoft at #30.
Fortune broke down Apple's spot on the list
, mainly citing the "overall saturation of smartphones" as a potential reason for the company's inability to rise higher in the rankings. Fortune discussed similar problems for Apple in the company's profile last year, stating at the time that "Apple finally appeared to hit a wall" in reference to its reliance on iPhone sales.
Apple took a small step back, from No. 3 to No. 4, despite a 6% gain in annual sales, but it led the way in profits with more than $48 billion in net income. In short, the Apple juggernaut continues at tremendous scale and despite the overall saturation of smartphones, which make up the vast majority of the company’s sales and profits. In an unusual move, Apple introduced three new phones, the upgraded iPhone 8 and 8 Plus, as well as the redesigned iPhone X (pronounced “ten”), powered by facial-recognition technology. Services likes Apple Pay and Apple Music continued to rise too.
Going back eight years, Apple's previous rankings include 5th place in 2015
, 6th place in 2013
, 17th place in 2012
, 35th place in 2011
and 56th place in 2010
. This year marks 24 years that Apple has been on the Fortune 500 list, with $229.2 billion of revenue and $48.3 billion of profits in the 2017 fiscal year. Although it lags behind the companies in revenue, Apple still beats the top three Fortune 500 companies in terms of annual profits, with Walmart at $9.9 billion, Exxon Mobil at $19.7 billion, and Berkshire Hathaway at $44.9 billion.Discuss this article
in our forums