Apple still dominates as brutal market sell-off wipes out trillions in market value

DDespite a sharp sell-off that wiped out trillions of dollars in market value, the world’s biggest technology companies have remained resilient in the face of Wall Street’s bearish trend, with many posting record revenues and profits even as their dominance begins to decline.

After claiming a record 177 places on the list in 2021, the number of technology companies landing in the Global 2000, Forbes‘ annual ranking of the world’s largest companies, fell to 164th this year, but the overall decline did not prevent total sales from soaring. Companies posted a record $4 trillion in combined annual revenue over the past 12 months, up from $3.3 trillion last year, with even fewer companies.

Apple tops the tech rankings for the seventh year in a row thanks in part to record sales of $378.7 billion, up almost 29% from the previous year. In January, CEO Tim Cook blamed the record year on pent-up demand for devices that boosted sales despite persistent chip shortages and other supply chain constraints.

The famous iPhone maker is still the most valuable company in the world, with a market capitalization of $2.6 trillion (up 13%) when the Global 2000 was tallied on April 22, but it is no longer the most valuable company in the world. profitable. Despite record profits of $100.6 billion, the Silicon Valley company was overtaken by Saudi Aramco, whose profits more than doubled thanks to rising oil prices. Apple dropped one place to number 6 on the overall list.

Supply chain issues have been particularly bad for Samsung Electronics, which fell 3 places in the global rankings to become the world’s fourth-largest tech company, down from second place last year, and Covid lockdowns in China (where the company operates a semiconductor factory) have only added to the pain. Amid the turmoil, Samsung lost its place as the world’s top smartphone vendor for the first time last year, ceding the throne to Apple. Although it posted record sales of $244 billion, the South Korea-based company has suffered a steady decline in stock over the past year, causing its market value to drop nearly 30% to $367.3 billion. millions.

Elsewhere in the top slots, he has been more bullish for technology. Climbing two places to No. 13 on the overall list, Alphabet claims the No. 2 spot with record sales of $257.5 billion fueled by growing demand for Google’s digital ads. Meanwhile, Microsoft moves up 3 places to No. 12 overall and No. 3 in technology as its cloud software continues to drive revenue growth.

Internet giant Tencent rounds out the top five with its highest position yet, moving up one place to 28th overall despite a brutal sell-off in the Chinese tech sector. The gaming monolith has lost more than $350 billion in market value as officials in Beijing unleashed a wave of regulations aimed at clamping down on tech companies, including rules that restrict children to a few three hours of play per week. The only Chinese company among the world’s 20 largest tech firms, Tencent’s sales jumped 24% to $86.9 billion, but the firm is now worth around $414.3 billion, up from $773 .8 billion last year.

Although still the world’s sixth-largest tech company, Meta Platforms, in its first year after rebranding from Facebook, also slipped in the global rankings, dropping one place to No. 34, while chipmaker Intel (still No. 7 in technology) plummeted. 15 places to No. 51 overall.

In all, about 72 of the world’s largest tech companies are based in the United States, down from 81 last year, but still far more than any other country. China, Taiwan and Japan also remained tech hotspots, claiming share for 21, 15 and 12 companies on the list, respectively, with only Taiwan adding places on the list compared to last year.

Collectively, technology companies in Forbes’ The Global 2000 hails from 24 different countries and represents a staggering $15.6 trillion market value, down 13% year over year, but still equaling about 15% of the global stock market. However, assets and profits increased 14% and 52%, respectively, to $5.9 trillion and $660.8 billion.


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