Report into world's biggest companies shows Apple makes $151 million in profit every day

midian182

Posts: 6,794   +61
Staff member
In brief: It’s no secret that the world’s biggest tech companies make a lot of money. In the five seconds or so it’s taken you to read this, Apple generated around $8,800 in profit, while Alphabet became $5,445 richer, figures that dwarf the average American’s weekly wage of $1,237.

New research carried out by accounting software fintech business Tipalti reveals the huge profits some of the largest firms make every second, based on 2020 Fortune 500 figures. It shouldn’t come as a surprise to see Apple, which has a market cap of over $2 trillion, topping the list. Cupertino’s $1,752 per second equates to $105,116 per minute, $6.3 million per hour, or $151 million per day. For comparison, the median household income per year in the US during 2019 was $68,703.

It’s noted that Apple’s hourly profit is enough to buy 6,307 iPhone 12 Pros. The company was recently fined a total of $310 million for infringing a DRM patent and not shipping chargers with iPhone 12 handsets. It will take Apple just over two days to recoup this money, based on these figures.

Not all tech giants are turning a profit. Tipalti’s research has Tesla losing $27 per second ($2.7 million per day), while the world’s largest ride-hailing firm, Uber—a company that has famously never turned a profit—loses $270 per second, which works out at $23.3 million per day.

The highest non-tech company on the list is Bank of America, sitting behind Apple, Microsoft, and Alphabet. The bank’s $870 per second profit works out at $75 million each day.

It’s easy to imagine technology being the most profitable sector in the Fortune 500 list. While it does make $182 per second ($15.7 million per day) in profit, the industry is still behind Food and Beverages, which generates $232 per second (over $13,000 per minute) for a daily profit of $20 million.

Masthead credit: NicoElNino

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Dimitriid

Posts: 556   +952
Just to circle back to the ridiculous fine Brazil decided to put on Apple, if we trust these numbers it means it would take Apple about 20 minutes to completely pay the fine.
 

SirDigby

Posts: 797   +594
Surprised Telecoms is so high on the list, and wonder where it'll be in 10 years time when many PSTNs are decomissioned for IP based networks. PSTNs are a cash cow which is why they're slow to change.

Just to circle back to the ridiculous fine Brazil decided to put on Apple, if we trust these numbers it means it would take Apple about 20 minutes to completely pay the fine.
We just know Apple will fight tooth and nail to keep that 20 minutes of profit, probably paying more than the fine in legal fees.
 

Austinturner

Posts: 159   +165
Also known on the streets as F U money.

I know that capitalism doesnt work that way, but when companies are making money like that, I think they should be more generous with every single employee's salary, not only the C level.
Are you sure they don’t? I bet they pay well at least down to the levels of designers and engineers where they want to get and retain top performers. I have no idea what they pay retail staff, probably above average to maintain good service? I think it would be best to have stock options for all employees everywhere as you get in many management roles, incentivise everyone staying and performing for the long term.