Apple, Inc.'s 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 took the third position with $47.053 billion in profit.
Walmart Inc. was the top revenue-generating global company for the eighth consecutive year. Theretail 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. 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.
Apple was placed sixth in terms of revenue, a jump from the 12th position it held previously.
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.