The 66th Fortune 500 list was released Monday morning detailing the largest companies in the United States, with Apple slipping slightly to fourth place.
Apple was ranked third in 2019, Amazon pushed them down by placing in second position. Apple had sales of $ 260 billion, behind Exxon with $ 264 billion and Amazon with $ 280 billion. Walmart continues to be the first company for the eighth consecutive year with sales of $ 523 billion.
Apple’s revenue fell 2% to $ 55 billion in profits, a 7% drop in profits year over year. Apple is still the most profitable tech company, beating Microsoft’s $ 39 billion profit. However, Fortune notes that the market holds Microsoft as the most valuable stock company, with a market cap of $ 1.38 trillion. Apple is not far behind with 1.33 trillion dollars, with Amazon in third position with a market capitalization of 1.2 trillion dollars.
Amazon pushed Apple to fourth place
Fortune is suing Apple’s finances in detail, saying iPhone sales have dropped 14%, which accounts for 55% of Apple’s total revenue. Apple services increased 16% and account for 18% of total revenue. Portable devices increased 41%, compared to only 9% of the total.
The numbers are all based on revenue generated in fiscal 2019. Apple has been on the Fortune 500 list for 38 years. This entire Fortune 500 ranking represents two-thirds of the U.S. economy with $ 14.2 trillion in revenue.