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Apple, Inc.'s (NASDAQ:AAPL) all-around product momentum has taken it to the top of the charts in terms of profitability.
Cupertino Tops On Profits: Apple, with $67 million in profits for the fiscal year 2020, was the leader in the Fortune Global 500, released today.
Apple wrested the No. 1 "Most Profitable" ranking from Saudi Arabian oil giant Saudi Aramco, which held the top spot for two straight years. The company reported profits of $49.287 billion for the year. SoftBank Group Corp. - ADR (OTC:SFTBY) took the third position with $47.053 billion in profit.
Walmart Inc. (NYSE:WMT) was the top revenue-generating global company for the eighth consecutive year. The retail giant clocked revenues of $523.964 billion for the fiscal year 2020. State-owned Chinese electricity utility State Grid followed with $383.906 billion in revenues.
Amazon.com, Inc. (NASDAQ:AMZN) was in third place by virtue of its $280.522 billion revenues. The fourth and fifth places were taken by integrated oil companies China National Petroleum and Sinopec Shanghai Petrochemical Co (NYSE:SHI).
Apple was placed sixth in terms of revenue, a jump from the 12th position it held previously.
Related Link: 4 Apple Analysts React To Q3 Earnings: 'We Are Buyers On Any Near-Term Weakness'
The Fortune 500 companies generated revenues of $31.7 trillion, down 5%, and profits of $1.6 trillion, down 20%, the report showed. The companies employ 69.7 million people worldwide.
Fortune blamed the softness relative to the previous year and the COVID-19 pandemic.
Apple Juggernaut Rolls On: Last week, Apple reported record June quarter results, with both revenues and earnings surpassing expectations.
"With 5G now in the cards and roughly 40% of its 'golden jewel' iPhone installed base not upgrading their phones in the last 3.5 years, Cook & Co. have the stage set for a renaissance of growth in Cupertino," Wedbush analyst Daniel Ives said in a note reviewing the company's quarterly results.
At last check, Apple shares were down 0.23% at $145.52.
See also: How To Buy Apple Stock
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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