Apple makes Fortune 500’s top 10 for first time; Facebook makes list
Despite having a rough year on Wall Street, Apple cracked the top 10 in the Fortune 500 list for the first time, jumping from No. 17 to No. 6.
The Fortune 500, compiled by the business magazine Fortune, ranks the largest corporations in the U.S. based on annual revenues. The tech giant was just behind Warren Buffett’s Berkshire Hathaway and ahead of General Motors on the list. Wal-Mart continued to rein as the largest corporation in the U.S.
Apple’s high ranking on the list comes at a time where the company is experiencing a rare instance of turbulence. Since peaking at more than $700 per share in September, Apple’s stock price has dropped more than 35% and is currently trading around $461 per share. 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.
However, Apple is the only tech company to crack the list’s top 10. The next tech companies on the list are AT&T at No. 11, Hewlett-Packard at No. 15 and Verizon Communications at No. 16.
Facebook made the Fortune 500 for the first time in company history after going public last May. The 1-billion member social network came in at No. 482. Facebook has also had struggles on the stock market over the past year after opening at $38 a share and dropping below $20. But despite not yet returning to the IPO price, Facebook’s stock has managed to steadily climb back and is now trading around $28 per share.
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, with the other being Yahoo’s Marissa Mayer, who is 37.
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