The latest Fortune 500 list of the largest U.S. companies hit on Wednesday, and Walmart WMT, -0.22% remained the ranking’s revenue king for the ninth year in a row.
The societal shift toward online shopping also naturally gave Amazon AMZN, +0.48% a boost, helping the online retailer hold onto its No. 2 spot on the Fortune 500 list for the second year in a row. The Seattle company earned $21.3 billion in profit on more than $386 billion in annual sales, and revenue grew 38% in 2020.
On the flip-side, Exxon Mobile XOM, +0.79% dropped seven spots to land at No. 10 on this year’s list. Energy demand dropped due to many offices, factories and workplaces closing temporarily, as well as recreational travel and transportation stalling as people stayed home.
Source: News Formal (newsformal.com)
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