Apple On 17th Spot In Fortune 500

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Recently, Apple has been placed 17th place in Fortune’s annual ratings of the top 500 largest corporations in America. Last year, Apple was at 35th spot.

The Cupertino, California-based 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.

Apple’s performance in the “Computers, Office Equipment” industry was topped only by Hewlett-Packard (HP), 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%. Apple’s profit skyrocketed to nearly $26 billion, representing an 85% change from 2010. On the other hand, HP saw negative growth of 19% with a little over $7 billion in profits.

If these evaluations are strictly based on profit, Apple’s earnings gave it a third place finish overall. Apple was 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, iPhone was even making headway in enterprise. He cited certain US 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. Today Apple is a leader in the smartphone market, and one of the top PC vendors worldwide.

Source: Modmyi

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