Tag - Exxon
Apple has risen from fifth place to third in Fortune's rankings of the top 500 corporations in the US, ending a two-year run at fifth place, and now trailing only Walmart and Exxon Mobil. This year, Apple move pushed Chevron and financial firm Berkshire Hathaway down to fourth and fifth. While Apple was out-earned by both Walmart ($482.1 billion) and Exxon ($246.2 billion), it remains the most profitable publicly-traded company in the world, with profits of $53.4 billion -- more than Walmart and Exxon's annual profits combined.
Originally announced by Apple CEO Tim Cook during a conference call with analysts, ExxonMobil has now launched an updated version of its Speedpass+ app that supports Apple Pay for purchases. The new app, which is accepted at some 6,000 stations today and will expand to cover all 10,000 US locations by the end of the year, bypasses the need to manually add a credit card to the account, and instead used a supported card previously added to Wallet, and authorize purchases with a fingerprint scan.
Apple has climbed one spot to sit at fifth in the latest Fortune 500 rankings. "Apple's net sales keep climbing, as the tech giant continues to sell more iPhones and digital content," the magazine writes. "But the company faces pressure in the smartphone business, as Android phones grow increasingly dominant. Meanwhile, Apple reported an annual drop in net income in fiscal year 2013, a first in more than a decade."
Apple has slotted into 55th place in an annual update of Fortune's Global 500 list. The ranking is based on data from the 2011 fiscal year, which in Apple's case includes $108.249 billion in revenue, with a profit of $25.922 billion. Notably Apple has risen a massive 56 spots, having held 111th place last year. Apple is also said to have achieved $116.371 billion in assets, and $76.615 billion in stockholder equity.
Apple's market capitalization has settled into a stable position over that of Exxon Mobil, giving it an unambiguous ranking as the world's most valuable corporation. On Tuesday the situation was more uncertain, with Apple initially taking the top spot only to have Exxon regain the position. Apple was in the lead by the close of US trading though, and as of this writing on Wednesday the company's cap is sitting at $345.74 billion, noticeably ahead of Exxon's $341.47 billion.
Apple is currently flirting with a position as the most valuable corporation in the world, periodically exchanging positions with Exxon Mobil, according to Reuters. At one point on Tuesday Apple's market capitalization was tracked at $341.5 billion, versus Exxon's $341.4 billion. Although Exxon has slipped back ahead from time to time, Apple remains in the lead as of this writing at $338.66 billion versus Exxon's $336.6 billion.
In the near future, Apple may surpass Exxon Mobil as the world's biggest corporation in terms of market capitalization, says Gleacher & Co. analyst Brian Marshall. "Apple continues to defy modern principles of economics and delivered the investment community something never seen before (e.g., quarterly revenue of $28.6 billion growing 80 percent year over year)," he writes, referring to this week's third-quarter results. "We expect Apple will become the largest market cap company on the planet when the stock hits approximately $445."
Apple briefly overtook discount retailer Walmart in market cap on Friday morning, says Fortune. Starting 90 minutes after pre-orders for the iPad opened, a surge of about 2 million shares is said to have been traded in the space of 30 minutes, pushing Apple's stock price up to $227.73. It has since relaxed to approximately $227.
For the third year in a row, Apple has continued a slow escalation up the ranks of Fortune's Global 500. The list ranks the world's biggest 500 corporations in terms of revenues and profits; in the 2008 list Apple now sits at 337th, with revenues of over $24 billion, and profits nearing $3.5 billion. It is flanked by Canada's Bank of Nova Scotia, and France's Alstom. In the 2007 list Apple took 367th place, while in 2006 it barely managed to break in at 492nd.