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| Apple is the most profitable company in the world |
The new ranking of the Fortune Global 500 list shows that Apple is now the most profitable company on the list. This is after finishing third last year.
Compared to the twelfth place in the previous year, the company currently occupies the sixth place in terms of sales.
In fiscal year 2020, the company reported net income of $57 billion, making it the world's most profitable company on the Fortune Global 500 list.
In addition, Apple became number one, ending the rule of Saudi Aramco. Be the most profitable company for two consecutive years.
In second place came Saudi Aramco, with profits of $49.287 billion. SoftBank Group came in third place with $47.05 billion.
The iPhone maker's revenue for 2021 was $57 billion, up from $55 billion the previous year.
According to the Fortune Global 500, the pandemic has brought new challenges and opportunities for Apple. Despite the threat of antitrust problems, the company set a new sales record of $275 billion.
The pandemic has brought challenges and opportunities for the company. CEO Tim Cook had to close the store and send the engineer home. But with Apple customers around the world working and studying from home, sales of iPads and Macs have skyrocketed.
Revenues for that fiscal year were a record $275 billion. This contributed to the increase in the company's share price. In 2020, it increased by 80.7%.
Apple is the most profitable company in the world
In late 2020, regulators turned their attention to Apple as it might abuse its power over the iOS App Store.
An October report by the House Antitrust Subcommittee found that the company exercises monopoly power over its app store, reducing competition and raising prices for consumers.
At the same time, a statement in an antitrust lawsuit by Fortnite developer Epic Games could increase pressure on lawmakers to limit Apple's power.
Below is a breakdown of the top 10 Fortune 500 companies by revenue.
Additionally, this is the eighth year in a row that Walmart has topped the list in terms of sales:
- Walmart (USA).
- State Grid (China)
- Amazon USA)
- PetroChina (China)
- Sinopec (China)
- Apple (USA)
- CVS Health (USA)
- United Health Group (USA)
- Toyota (Japan)
- Volkswagen (Germany)