Apple is the “World’s Most Admired Company” for the 17th time

Apple has bagged the Fortune’s “World’s Most Admired Company” award for the 17th time in a row. Every year, Fortune releases its list of most admirable companies in the world. The list consists of over 1,500 companies of which 1,000 are US-based and 500 are from the rest of the world. Notably, all these companies have at least $10 billion in revenue. What’s more intriguing is despite Microsoft taking over Apple as the world’s most valuable company, Apple hasn’t lost its position. At least, in the eyes of Fortune.

Apple becomes the World’s Most Admired Company for the 17th time

Cupertino tech major has once again topped as “World’s Most Admired Company”. This ranking is in terms of being socially responsible, financially strong, innovative, and competitive globally. Microsoft also did great, especially in computer software, and came in second. Amazon got third place, slightly lower than before, but still did well in internet services and retail.

According to Fortune, the yearly ranking is determined through a survey of about 3,700 executives, directors, and analysts. Even though Apple is still at the top, its ratings have slightly decreased. It scored 8.19 this time, whereas last year it was 8.65.

There could be several factors behind this, but most importantly, Tim Cook’s remark regarding layoffs might have a role. The Apple CEO had referred to layoffs at Apple as “a last resort.” However, a recent report outlined Apple’s plans to relocate its San Diego team working on Siri to Austin, Texas. Those not complying with this decision might have to face layoffs. Despite this move, Apple has largely avoided layoffs, unlike the global tech industry, which saw more than a quarter of a million layoffs in 2023.

Moreover, the coming time looks mixed yet bright for Apple as it prepares to introduce generative AI in its devices. Also, it had one of the biggest releases in a long time, the Vision Pro. And the company has already sold over 200,000, according to Macrumors, even before it hit shelves on February 2.

Other companies that made it to Fortune’s Top 10 include Microsoft, Amazon, Berkshire Hathaway, JP Morgan Chase, Costco Wholesale, Alphabet (Google), American Express, Walmart, and Nvidia.