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Apple becomes the most profitable company on Fortune 500 list

Over the last two decades, technology and the internet has seen massive growth. This trend over the years have allowed for new technology based products to come out thus increasing the number of people that use tech and the internet. The growth technology has experienced over the last few years, is nothing short of a revolution. Well, not only a revolution in the way we live our lives but also in the business sector. Technology allowed for tech startups to come in and easily make their product available.

The wide growth of these tech based companies made these companies earn much more customers and revenue than other non tech businesses. While technology was at its initial stages, there were a whole lot of companies that came out with their tech products however the competition became much more difficult and only a few companies have made it up until now. An example of such a company is Apple Inc. Apple started out 44 years ago in 1976 by Wozniak and Steve Job, however is still termed as the best and the most profitable company.

Apple since its foundation have created products that were much user friendly, simpler and different than that of its competitors thus attracting a lot of users. Apple has faced its share of ups and downs but the company has maintained its quality and has remained largely profitable in the past few years. As of now Apple has around 27 products and has more than 500 stores all around the world moreover the company also has the most loyal user base.

Apple since the last few years have been constantly moving up the ranks of fortune 500 companies. Recently the Fortune global magazine updated its fortune 500 rankings, according to the new rankings Apple which previously was the third most profitable company is now the first. Apart from that Apple is now also sixth on the most revenue earned list.

In 2020 apple earned a total profit of 57 billion dollars thus earning it the number one spot on fortune 500 list. This spot was previously owned by Saudi Aramco

A large reason for Apple to be number one on the list is the COVID 19 pandemic which skyrocketed the company's sales. Apple's CEO Tim Cook also said that the pandemic came in with a lot of challenges and opportunities for the company however its large customer base and the initiation of online work/studying actually increased the sales.

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