updated 12:35 pm EST, Thu March 3, 2011
Cites doubled profits, iPad 2 event
For a fourth year in a row, Fortune has once again identified Apple as its Most Admired company in the world. Apple has an overall score of 8.16. "The company's blistering pace of new product releases has continued to set the bar high for tech companies across the board," Fortune writes.
The magazine remarks that while Apple stock took a hit in January when Steve Jobs announced another medical leave, the company is doing extremely well financially. In its most recent earnings report, Apple almost doubled its quarterly profits. Also cited as reasons for optimism are the iPad, described as "one of Apple's milestone product successes," and Jobs' appearance at the iPad 2 announcement. The Verizon iPhone is considered a "huge move," although other reports have called its sales into question.
Just behind Apple in overall rankings is Google, followed by Berkshire Hathaway, Southwest Airlines and Procter & Gamble. Other technology companies in the top 10 include Amazon and Microsoft, at 7th and 9th place, respectively. More notable tech firms in the top 50 are: IBM (12th), General Electric (13th), 3M (15th), Cisco (28th), Intel (32nd), Best Buy (36th), Samsung (38th), Netflix (40th), eBay (45th), Sony (46th) and Oracle (48th).