Fortune Declares Apple World’s Most Profitable Company, Again
Toggle Dark Mode
Despite notching the No. 3 slot on its annual list, Fortune has for the second year running declared Apple (AAPL) the world’s most profitable company based on overall revenue generated during the most recent fiscal year, according to the Fortune 500 rankings of U.S.-based companies.
Walmart and Berkshire Hathaway, meanwhile, notched the No. 1 and No. 2 slots on Fortune’s 2017 list, respectively, despite falling short of Apple in terms of overall profits. In fact, when it comes to overall profits, Walmart’s position on the list is downgraded to the No. 17 slot from its position at the helm. The superstore chain generated an overall revenue of $458 billion during the most recent financial year, however it reported profits of just $13.6 billion; whereas Apple, in comparison, generated just $215 billion, but nevertheless managed to generate profits of $45.7 billion, rendering the iPhone-maker No. 1 in terms of profitability on Fortune’s even broader Global 500 list.
“The world’s 500 largest companies generated $27.7 trillion in revenues and $1.5 trillion in profits in 2016,” Fortune said, while adding that “Together, this year’s Fortune Global 500 companies employ 67 million people worldwide and are represented by 34 countries.”
Interestingly, Apple managed to retain its position as the world’s most profitable company even despite reporting an overall decline in profits by 14.4%, year-over-year. Still, shares of Apple stock (NASDAQ: AAPL) remain highly undervalued according to some analysts — although the iPhone-maker is still basking in the limelight of its 10th consecutive year being crowned the world’s most admired company, according to Fortune’s list released earlier this year.
In terms of market capitalization, AAPL remains the world’s largest corporation, and according to Brian White, a senior analyst with investment firm Drexel Hamilton, Cupertino is well on its way to becoming the world’s first $1 trillion company in terms of market cap.
As of this report, AAPL shares were trending at $150.86 apiece — down approximately 0.11% from their daily high of $151.74, and about 4% from their annual high of $156.10 registered on May 12, 2017.
