Apple Snags Number 3 Spot in Fortune 500 Ranking, Reigns Supreme in the Tech Industry

Each year, Fortune 500 puts out the top ranking American companies in terms of revenue. It helps consumers and investors alike see where the top brands and companies currently rank in relation to one another regardless of industry/market. And this year, Apple found itself in the top three.

According to the list of the world’s biggest companies, Apple was the number three biggest earner in terms of revenue. And at $233.7 billion, that is hardly a number to be overlooked. They jumped up two spots from last year’s list, where they ranked fifth at $182.79 billion.

Sources initially thought that Apple wouldn’t be able to pull off a high ranking on the list this year after reports showed that iPhone sales were slowing down. Furthermore, individuals were skeptical about the tech-giant’s performance given that no official numbers were ever released regarding Apple Watch sales.

But Apple has a number of things in the works. From patents, to new iOS releases, to even the rumored Apple Car; Apple is working on a number of projects that keep it at the top of the tech world. Plus, Apple also has a very loyal fan base, and has firmly established itself as a cultural and fashion icon.

Fortune released the following statement about Apple’s position on the list:

After more than a decade of solid growth fueled first by the iPod music player and then by the even more popular iPhone, Apple finally appeared to hit a wall.

Still the most profitable publicly-traded company in the world, Apple’s iPhone 6S and 6S Plus upgrades barely outsold their predecessors after arriving on the market at the end of 2015, while sales of the iPad tablet computer continued to shrink throughout the year.

In April 2015, the Apple Watch arrived to mixed reviews and modest sales. And though debate raged for a bit about the state of Apple’s sales in China amid a slowing economy there — including an unusual August 2015 email from CEO Tim Cook to CNBC host Jim Cramer claiming no summer slowdown — the year ended on a weak note for the company in Asia.

Lately, hopes have turned to the next iPhone upgrade cycle and a push to focus on India, where Apple’s market share remains miniscule. Still, even with the growing concerns, Apple’s next big leap came into view in 2015. Dubbed Project Titan and staffed with hordes of former car industry experts, Apple’s effort to leapfrog the automobile market with an electric masterpiece likely won’t reach consumers for a few more years. But when it does, Cook and company could be riding high again.

Regardless, Apple outshined the rest of the tech companies to take the number three overall spot and the number one spot as the top tech company. Competitors like Google (listed under Alphabet at $74B), Amazon ($107B), and Facebook ($17B) gained ranking to higher spots on the list since last year, however continued to rank much lower on the list.

Here’s the top ten for this year’s list: Walmart ($482.1B), Exxon Mobil ($246.2B), Apple ($233.7), Berkshire Hathaway ($210.8B), McKesson ($181.2B), UnitedHealth Group ($157.1B), CVS Health ($153.2B), General Motors ($152.3B), Ford Motor ($149.5B), and AT&T ($146.8B).

Do you think the future looks promising for Apple? Let us know in the comments!

Featured Photo Zeynep Demir / Shutterstock.com