Apple has slipped one spot on the Fortune Global 500 list of top-grossing companies, and Amazon has surpassed it to place ninth overall.
As it did with the US-specific Fortune 500 list earlier in 2020, Amazon broke Apple in the new Global Fortune 500 record for highest-earning companies. Amazon has climbed four spots to number 9 since last year, while Apple has slipped to number 12.
The list is based on the total published revenues of each company in their fiscal years ending on or before March 31, 2020. According to this account, Fortune classified Apple as having revenues of $ 260.17 billion, which represents a decrease of 2% compared to the 2019 list.
“Mighty Apple dipped a bit in 2019, down 2% to $ 260 billion in sales,” the list’s editors noted. “The money-making ability of the computer and phone maker cushioned the blow.”
“Three categories reveal Apple’s sales slump,” he continues. “IPhone sales, 55% of Apple’s total, fell 14%. Sales increases in services like streaming and subscriptions, 18% of the total, rose 16%.”
“And portable devices (AirPods and es) and other non-phone accessories (iPods, HomePods and Beats products) have jumped 41%, but only represent 9% of the pie,” he concluded.
Excerpt from the 500 list showing the relative positions of Amazon and Apple
These “slumps” lead to a 7.2% drop in profits, to $ 55.3 billion, from last year’s listing. Fortune also records assets at $ 338.5 billion and the number of employees worldwide at 137,000, though it also doesn’t note the change from year to year.
After a few years around 1996 and 1998 when it made its debut on the Global 500 list, peaking at number 400, Apple then disappeared until 2006 when it fell back to number 492. Since then it has grown. every year until 2014, when it reached number 15 and stayed there in 2015.
In 2016, Apple rose to number 9 and stayed there the following year, before dropping to 11th for 2018 and 2019. One of the reasons it now drops to 12th is Amazon, which entered for the first listed in 2009.
“A business of this size shouldn’t be able to grow that quickly,” said the retailer’s Fortune, “but Amazon’s 21% revenue growth in 2019, to $ 281 billion, is why the Seattle-based company has gained four places in the world market. 500. “