Apple ranks third in the 2021 FORTUNE 500 listing, which ranks U.S. companies by revenue. That’s up from fourth place in 2020. However, the tech giant only ranks 188th when it comes to “diversity, equity and inclusion.”
FORTUNE’s take on Apple
Here’s what FORTUNE has to say about Apple: The pandemic created challenges and opportunities for Apple. CEO Tim Cook had to close stores and send home engineers. But with Apple customers worldwide working and learning from home, iPad and 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 developer Epic Games will likely increase pressure on legislators to limit Apple’s power.
The Measure Up initiative
For the first time this year, the FORTUNE 500 list measures diversity rankings. It’s called the Measure Up initiative. Per Fortune magazine, “it aims to make diversity, equity and inclusion (DEI) disclosure and performance a critical metric for successful businesses.”