Apple drops to 4th Spot in latest annual Fortune 500 rankings

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After keeping the #3 spot on the Fortune 500 list for the earlier two years, in 2018, Apple has lost one place and now sits at #4 on the list of the top U.S. corporations on gross profits.

Apple’s decrease on the list came due to Exxon Mobile rising from #4 in 2017 to #2 in 2018. The entire top five spots were Walmart at #1, Exxon Mobil at #2, Berkshire Hathaway at #3, Apple at #4, and UnitedHealth Group at #5. Another technology companies on the list hold Amazon at #8, AT&T at #9, Verizon at #16, Alphabet at #22, and Microsoft at #30.

Fortune cut down Apple’s place on the list, mainly citing the overall congestion of smartphones as a possible reason for the company’s failure to rise above in the rankings. Fortune considered similar difficulties for Apple in the company’s profile last year. They stated that “Apple finally appeared to hit a wall” in the citation to its reliance on iPhone sales.

Moving back eight years, Apple’s earlier rankings include 5th place in 2015 and 2014, 6th place in 2013, 17th place in 2012, 35th place in 2011 and 56th place in 2010.

This year records 24 years that Apple has been on the Fortune 500 list, with $229.2 billion of profits and $48.3 billion of profits in the 2017 fiscal year. Although it shuffles back the companies in revenue, Apple still beats the top three Fortune 500 companies in terms of seasonal profits, with Walmart at $9.9 billion, Exxon Mobil at $19.7 billion, and Berkshire Hathaway at $44.9 billion.

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