Apple drops a spot in Fortune 500 rankings

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Apple's revenues need to get bigger if it wants to rise in the rankings.
Photo: Ste Smith/Cult of Mac

Despite closing in on becoming the country’s first trillion dollar company, Apple took a small drop in the annual Fortune 500 rankings.

The rankings released this morning put Apple in the number 4 spot as ExxonMobile leapfrogged the iPhone-maker and Berkshire Hathaway to claim the number 2 spot.

Apple held the number 3 spot in the Fortune 500 rankings for the last two years. The rankings are based on revenues. Walmart claimed the top spot again this year while UnitedHealth Group came in at number 5.

In its last earnings report, Apple posted better-than-expected results. Analysts predicted for months that iPhone sales were slumping, but Apple’s numbers showed the iPhone X still has legs.

Fortune lists the “overall saturation of smartphone” as one of the reasons why Apple hasn’t been able to rise higher in the rankings. Other tech companies in the top 50 include Microsoft at number 30, Alphabet at 22 and Amazon number 8.