In an update to the Fortune 500 rankings, Apple has fallen one spot to #4 coming in below Exxon Mobile.
Apple last year was able to retain its #3 ranking putting the Cupertino firm behind major AAPL investor Berkshire Hathaway and ahead of Exxon Mobile. The updated Fortune 500 list now features Walmart at topping the list with revenues of $500B. Exxon Mobil comes in at #2 with $244B, and Berkshire Hathaway just behind at $242B. This puts Apple at #4 with revenues of $229B.
Fortune made a note that while Apple is only 4th in terms of revenue, it is #1 for profit, at $48B.
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.
This ranking isn’t even close the the lowest that Apple has been on the Fortune 500 list. The company’s lowest ranking was in 2002 when it was at #325. It first entered the top 100 in 2009, and the top 10 in 2013, where it has resided ever since.
The race is now on between Apple and Amazon to see who is the first trillion-dollar company. Fortune note’s AAPL’s market value as of the 29th of March was $851B