updated 11:23 am EDT, Mon June 2, 2014
Topped only by firms like Walmart, Exxon
Apple has climbed one spot to sit at fifth in the latest Fortune 500 rankings. "Apple's net sales keep climbing, as the tech giant continues to sell more iPhones and digital content," the magazine writes. "But the company faces pressure in the smartphone business, as Android phones grow increasingly dominant. Meanwhile, Apple reported an annual drop in net income in fiscal year 2013, a first in more than a decade."
The Fortune 500 is a chart of the most valuable American corporations in terms of gross revenue, after factoring in excise taxes. Only businesses that publicly share their revenues can make it onto the list. Leading the rankings are Walmart, Exxon Mobil, Chevron, and Berkshire Hathaway; Apple's performance was enough to put it above companies like Phillips 66, GM, Ford, and GE.
Fortune notes that Apple posted over $170.9 billion in revenues during the 2013 financial year, but saw profits drop 11.3 percent to about $37 billion. It achieved over $207 billion in assets, although some of that is now being used to increase share buybacks and dividends. A full $3 billion is being spent on the takeover of Beats.