Apple rose to third place in the Fortune 500 Companies list, up a place from the year before. It sat ahead of Warren Buffett’s Berkshire Hathaway and was only beaten by Exxon Mobil and Walmart.

Apple with a big pile of money

Apple’s Revenue and Profit Soaring

Apple’s reported annual revenue for the fiscal year 2018 of $265.6 billion, a 15.9% increase from the year before, lifted it into third. The company recorded over $59.5 billion in profit over that same 12 month period, up 23.1%. Exxon Mobil had revenue of over $290 billion. Walmart led the list with over $514 billion in revenue.

Fortune noted that Apple became valued at over $1 trillion in 2018, but also saw iPhone sales begin to slow. The write-up noted how the firm has developed over the years:

Before the introduction of the iPod—the iPhone’s precursor—Apple was a once-exciting computer maker. Now, only a retailer and an oil company are bigger.

The article said the company’s ongoing challenge is to develop as a service provider. However, it acknowledged that “already iTunes, Apple Music, iCloud, and cuts from sales in its popular Apple Store generate billions of dollars of sales.”

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