An iPhone sales slump couldn’t stop Apple from climbing up to third in the 2016 Fortune 500 list. The Cupertino company raked in $233.7 billion last year, helping it overtake both Chevron and Berkshire Hathaway.
The only two companies above Apple on the Fortune 500 list are Walmart and Exxon Mobil, which enjoyed revenues of $482.1 billion and $246.2 billion respectively for the year ending March 31, 2016.
No other technology giant came close to Apple last year. AT&T was the only other one to just about make the top ten with revenues of $146.8 billion, while Verizon ranked 13th with $131.6 billion, and Amazon ranked 18th with $107 billion.
“After more than a decade of solid growth fueled first by the iPod music player and then by the even more popular iPhone, Apple finally appeared to hit a wall,” Fortune says. The latest iPhones barely outsold their predecessors, and iPad sales continued to shrink.
What’s more, Apple Watch sales were “modest” after the device arrived to mixed reviews, and sales in China “ended on a weak note.”
Despite this, Apple is still “the most profitable publicly-traded company in the world.”
Fortune adds that the rumored Apple Car — dubbed “Project Titan” — won’t reach customers and “leapfrog the automobile market with an electric masterpiece” for a few more years yet.
Killian Bell is a freelance writer based in the U.K. He has an interest in all things tech and also covers Android over at CultofAndroid.com. You can follow him on Twitter via @killianbell.
4 responses to “Apple jumps to third in 2016 Fortune 500 list”
OK, Apple moves up to #3 on Fortune’s 500 list, yet all they can talk about is how the company hit a wall and barely outsold its predecessors. Apple is raking in BILLIONS of dollars with only 2 companies making more, yet Fortune is still trying to get us to believe the company is in trouble. Wow. Even when Apple does well it still is somehow evidence that it’s doomed! There’s a lot of negative wishful thinking going on around here.
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Revenue mean nothing. Walmart and Exxon’s revenue combined is 3X that of Apple, yet, Apple’s PROFIT is higher than Walmart + Exxon profits combined.
Apple is no.1 in profit, just as it is no.1 in PC sales.
more profit = more overpriced product
and its actually a bad thing for their regular customer (but a good thing for their stock holder)