Nobody would disagree that since Apple released the iPhone, the company has been extremely successful in terms of profitability. When Steve Jobs returned to the company he founded, it was a floundering mess; and a series of product launches have placed it at the top of the most valuable publicly traded companies on the planet.
Well, for the second year in a row, Fortune has declared Apple the single most profitable company in the world in its annual rankings based on revenue. Even though the company only managed to squeeze in at 9th overall in revenue, beaten by companies like Walmart that grabbed the top spot, it was clearly more profitable.
In the last financial year, Apple earned a net profit of over $45 billion from revenue to the tune of $215 billion; Walmart, which earned over $480 billion in revenue last year, only managed a measly $13 billion in net earnings. At this point, Apple is worth a staggering $783 billion, making it one of the most likely candidates to first hit the lofty $1 trillion market valuation mark, although this has been predicted for the last five years at least.
Microsoft, who reported its latest financial results yesterday, ranked in at 69th worldwide. This was especially interesting, as the company is in the top five most valuable publicly traded companies in the world with a market capitalization of around $570 billion. Its high valuation is mostly attributed to the firm's increasingly profitable share in the cloud business, with Azure.
Apple is expected to reveal its latest iPhone at an event in September of this year. The device, which has been a hot topic the past few months, will reportedly have a full bezel-less display and a premium price. Samsung has, however, leapfrogged Apple after announcing that it will reveal the new Galaxy Note8 at an event next month.