Apple may be the most valuable company, but it is not the biggest company in revenue terms by state and lags Chevron in California. Apple is the largest by the market cap and is much more popular than Chevron, but its is only next to Chevron in terms of revenue.
Chevron wins on revenue terms
Broadview Networks came up with a map showing the largest U.S. companies in each state by revenue using data from Hoover’s. As per the data, Chevron outperformed tech giant Apple despite record-breaking iPhone sales.
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In fiscal 2014, Chevron posted revenue of $211.97 billion, compared to Apple’s $182.8 billion, according to FactSet. Interestingly, Apple’s market cap was $724 billion as of March 31, 2015 while for Chevron, it was $197 billion.
Other companies on the map were as expected, such as General Motors, Nike and Walmart. Also on the list are little-known companies that probably are not going to make it big outside their state.
The data shows that 12 states got a new winner from 2014 to 2015. And in states such as Idaho, Mississippi, New Hampshire and Ohio, last year’s winner was replaced by a grocery store chain or food company.
Apple to change 30/70 rule
A separate report from the Financial Times claims that Apple is seeking to modify its 70/30 revenue share for certain types of App Store apps. The company is looking to make a few quick changes in the way revenue is dispersed between developers and Apple for music, video and new apps.
As of now, it is not clear if the report holds any truth because it does not seem to be related to any specific incident even though the iPhone maker could slash its revenue due to anti-competition complaints with Apple Music. Spotify is one such service that has blamed Apple for being anti-competitive on the back of its upcoming music service noting that the company’s 30% fee raises the barriers to entry for third-party competitors.
Developers thinking of earning higher revenue following the change should not keep their hopes up as the report talks about apps with subscriptions, such as news apps or music subscriptions. The report does not suggest that Apple will reduce the 70/30 split universally. Also no information has been provided on a date when these changes might be made.