Apple Finally Makes Top Ten On Fortune 500 List; Facebook Places For First Time
It’s hard to believe, but for the first time ever Apple cracked the Fortune 500 list’s top 10. Even though it has been a rough year for Apple, they finally cracked the list by jumping from No. 17 to No. 6, reports The Los Angeles Times.
Each year, the Fortune 500 ranks the largest corporations in the U.S. based on annual revenues. This year’s list Apple placed right behind Warren Buffett’s Berkshire Hathaway and ahead of General Motors. Wal-Mart is still the largest corporation in the U.S.
It is surprising Apple took so long to make the list and that it jumped so high this year, considering the turbulence over at the tech giant. The company’s stock saw a dramatic drop of more than $700 per share in September to $461 per share currently. “The drop in stock price comes as investors worry about Apple’s grip on the smartphone and tablet market as Samsung and others begin to gain traction against the once seemingly unbeatable Cupertino, Calif., tech giant,” reports the newspaper. Despite this, Apple is the only tech company to reach the list’s top 10. AT&T came in at No. 11, Hewlett-Packard at No. 15 and Verizon Communications at No. 16.
Another first for the list was Facebook. It finally placed on the Fortune 500 after going public last May. The social network, which also had stock trouble this year, came in at No. 482. And co-founder Mark Zuckerberg is the youngest CEO of a company on the list at just 28 years old. He’s also one of just two CEOs under 40, the other being Yahoo’s Marissa Mayer, who is 37, notes the newspaper.