Apple makes a boatload of products and provides services to millions. While Apple fell down a position last year, it has regained the third position in the annual Fortune 500 rankings of the largest companies by revenues in the United States. Scroll down to see which two companies beat Apple this year.

Apple Took Third Spot in Annual Fortune 500, Amazon on Second Place

As mentioned earlier, Apple fell to the fourth position last year on the annual Fortune 500 ranking where ExxonMobil received the third spot. Now, the company has regained its spot. The company has managed to rank in the top 5 for the past eight consecutive years.

Apple earned $274.5 billion in revenue in the last fiscal year. This is an increase of 5.5 percent over the previous year. In total, Apple made a profit of $57.4 billion which is a 3.9 percent increase. At first, comes Walmart, while Amazon took the second position. Apple has faced numerous complications and hurdles due to the global health crises.

The pandemic created challenges and opportunities for Apple. CEOTim Cookhad to close stores and send home engineers. But with Apple customers worldwide working and learning from home,iPadand Macintosh computer sales skyrocketed to their highest levels ever. And fiscal-year revenue hit an all-time record too, of $275 billion. That helped Apple's stock price soar; it gained 80.7% in 2020. As that year wound down, regulators fixed their sights on Apple for potentially abusing its power over the iOS app store. A House Judiciary antitrust subcommittee report in October concluded that Apple "exerts monopoly power" in its app store to harm competition and increase prices for consumers. Meanwhile, testimony in an antitrust lawsuit filed by Fortnite developerEpic Gameswill likely increase pressure on legislators to limit Apple’s power.

Apart from Apple's third position, other tech giants such as Alphabet scored the ninth position, Microsoft took the fifteenth spot, while Facebook rests at thirty-fourth. This is all there is to it, folks. What are your views on the ranking? Let us know in the comments.