Apple still dominates the market sell-off that wipes out trillions of market value

DrDespite massive sell-offs that wiped trillions of dollars off market value, the world’s largest tech companies have weathered the Wall Street slump — with many companies collecting record revenues and profits even as their dominance begins to slide.

After hitting a record 177 sites on the list in 2021, the number of tech companies landing on the Global 2000, ForbesThe annual ranking of the world’s largest companies slipped to 164 this year, but the overall decline did not prevent total sales from skyrocketing. Companies posted a record $4 trillion in combined annual revenue over the past 12 months, up from about $3.3 trillion last year — even with fewer companies.

Apple leads the technology rankings for the seventh consecutive year, thanks in part to record sales of $378.7 billion, an increase of nearly 29% from the previous year. In January CEO Tim Cook was able to set a record-breaking year for pent-up demand for sales-boosting devices despite persistent chip shortages and other supply chain constraints.

The storied iPhone maker remains the world’s most valuable company, with a market capitalization of $2.6 trillion (up 13%) when 2000 Global was registered on April 22 – but it’s no longer the most profitable. Despite record profits of $100.6 billion, Silicon Valley was overtaken by Saudi Aramco, whose profits doubled thanks to higher oil prices. Apple slipped one place to number 6 on the overall list.

Supply chain problems have been particularly bad for Samsung Electronics, which slipped 3 spots in the rankings to become the world’s fourth largest tech company, down from second last year – and the Covid shutdown in China (where the company runs a semiconductor plant) only added to the pain. Amid the turmoil, Samsung lost its place as the world’s top smartphone seller for the first time ever last year, as it abdicated the throne to Apple. Although it posted record sales of $244 billion, the South Korean-based company has suffered a steady decline in shares over the past year, which has sent its market capitalization down nearly 30% to $367.3 billion.

Elsewhere in the higher ranks, technology was more optimistic. Alphabet climbed to number 13 on the overall list, coming in at number two with record sales of $257.5 billion driven by the growing demand for Google digital ads. Meanwhile, Microsoft moved up 3 spots to 12th overall and 3rd in technology as its cloud software continues to drive revenue growth.

Internet giant Tencent wrapped up the top five with the highest rankings so far, moving up one point to land 28th overall despite a brutal sell-off in the Chinese tech sector. The gaming platform has lost more than $350 billion in market value as officials in Beijing unleashed a wave of regulations aimed at cracking down on tech companies, including rules that limit children to about three hours of play a week. The only Chinese company among the world’s 20 largest tech companies, Tencent’s sales jumped 24% to $86.9 billion, but the company is now valued at about $414.3 billion — down from $773.8 billion last year.

Although it remains the world’s sixth largest technology company, Meta Platforms, in its first year after rebranding from Facebook, it has also fallen back in the rankings, dropping one point to 34th, while chip maker Intel (which It is still ranked seventh in technology). 15 centers to #51 overall.

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

Altogether, technology companies are working Forbes Global 2000 comes from 24 different countries and represents a staggering $15.6 trillion market capitalization – down 13% year over year but still equaling nearly 15% of the global stock market. However, assets and earnings swelled, jumping 14% and 52%, respectively, to $5.9 trillion and $660.8 billion.

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