California Based Technology Company moved up the rankings of the Fortune Global 500 largest companies. New rankings were published on Tuesday that shows that Apple is now the most profitable company on the list, rising from third place last year, and is now in sixth place in terms of revenue, up from 12th place last year.
According to Fortune’s list, in the fiscal year of 2020, California Based Technology Company netted $57 billion in profit, making it the most profitable company in the world. Apple’s jump to No. 1 ended Saudi Aramco’s two-year reign as the most profitable company. Its $57 billion in profit for fiscal 2021 is up from $55 billion in the previous year.
Fortune also said that the revenue helped Apple’s stock price soar; it gained 80.7% in 2020. As that year wound down, regulators fixed their sights on Apple for potentially abusing its power over the iOS app store. A House Judiciary antitrust subcommittee report in October concluded that Apple exerts monopoly power in its app store to harm competition and increase prices for consumers. Meanwhile, testimony in an antitrust lawsuit filed by Fortnite developer Epic Games will likely increase pressure on legislators to limit Apple’s power. In the Fortune 500 list, Walmart stands in the first place. Then state grid a Chinese company takes the next place.