Apple has a product pipeline that “gotten Apple fanboys lining up all over again,” according to Fortune. On Thursday, the magazine published the 2015 edition of its annual Fortune 500 list, on which Apple, similar to last year, was ranked fifth among U.S. firms in terms of revenues.
New products also helping
The magazine said that it’s not just the iPhone 6 that has fanned the interest of fans but also new categories such as the Apple Watch. The market value of Apple spiked by approximately $200 billion in 2014 to over $700 billion, and the company’s stock price climbed 40%.
Last year, the iPhone maker posted $39.5 billion in profits, and revenue came in at $182.8 billion. In the coming years, the company is expected to offer a streaming TV service that will compete with the whole cable industry. However, on the flip side, Apple still has its own set of problems, such as dropping iPad sales, tough competition from Chinese smartphone makers and massive competition from Android devices. Even though Apple is the biggest smartphone maker around the globe, Android is outperforming Apple as a platform.
On the Fortune list, the top four corporations are Walmart, Exxon Mobile, Chevron and Berkshire Hathaway. Apart from Apple, there is no other tech company in the top 10, with the closest being AT&T at number 12.
Apple growing stronger
After a shaky start in 2014, the company’s shares finished the year 40% higher. Apple CEO Tim Cook recently told investors, “It’s tough to find something in the numbers not to like.” Cook, who otherwise likes to keep a low profile, is resorting to innovative techniques. Also he has become more open about his life, and in October 2014, he came out publicly, revealing that he is gay. Also just a couple of days ago, Cook took a jab at competitors Google and Facebook, saying that some of the biggest companies in Silicon Valley do not have respect for customers’ privacy.
Separately, in another recent survey, Apple outperformed Google to regain the top spot. WPP’s Millward Brown compiled its own list of the most valuable brands and gave Apple the top spot. The market value of the Cupertino-based company spiked 67% to $247 billion, whereas Google’s increased just 9% to $174 billion, according to the BrandZ rankings, which took into account financial performance and consumer perception.