Apple Takes 17th Spot in Fortune 500
Apple recently placed 17th place in Fortune’s annual ratings of the top 500 largest corporations in America – a position 18 spots higher than last year’s 35th place finish. The company was able to offer a dividend for the first time since 1995 after strong year-over-year revenue growth which saw earnings per share nearly doubling in 2011 compared to 2010.
The iPhone maker’s performance in the “Computers, Office Equipment” industry was topped only by Hewlett-Packard, which finished 10th overall according to Fortune. HP’s revenue totaled over $127 billion compared to Apple’s $108 billion, although the HP grew 1% and Apple grew 66%. The Cupertino California company’s profit skyrocketed to nearly $26 billion representing an 85% change from 2010, while HP saw negative growth of 19% with a little over $7 billion in profits.
If you base evaluations strictly on profit, Apple’s earnings gave it a third place finish overall, being outdone by Chevron’s $26.8 billion and list-leader Exxon Mobil’s $41 billion on revenue of almost $453 billion. Apple placed 7th, 4th, and 2nd in revenue growth over the past year, 5 years, and 10 years, respectively. In its recent earnings call, Apple announced its best second quarter ever with $11.6 billion in profit on a revenue of $39.19 billion, representing a 94% growth year-to-year. Furthermore, almost all of the company’s product lines saw positive growth during the quarter led by 35.1 million iPhone sales representing an 88% unit growth.
Apple’s Chief financial Officer Peter Oppenheimer noted that Apple’s most popular product, the iPhone, was even making headway in enterprise and cited certain U.S. government agencies making the witch to iOS as well. Over the past few years, Apple has become one of the world’s largest companies by market cap, a leader in the smartphone market, and one of the top PC vendors worldwide. We’ll have to see where the company heads in the future, especially as it continues its run as a demand for the company’s devices in emerging markets such as China grows.