Fortune Magazine last month announced its annual Global 500 list with Indian American-led companies Microsoft and PepsiCo among those making the cut.
The world's 500 largest companies generated $30 trillion in revenues and $1.9 trillion in profits in 2017. Together, this year's Fortune Global 500 companies employ 67.7 million people worldwide and are represented by 33 countries, according to the publication.
Microsoft landed at No. 71 on the list, just two spots down from where the tech company sat a year ago.
The Satya Nadella-led company’s foray into cloud computing continues to pay off, according to Fortune.
“In March, Microsoft CEO Satya Nadella reorganized the company to deemphasize the once mighty Windows operating system in favor of the faster growing Azure cloud computing business,” the magazine wrote. “The tweaks were important, both strategically and symbolically. Microsoft may have missed out on the rise of mobile, but it’s going full steam ahead in the cloud. Buoyed by strong growth over the past year, the company’s shares soared 40 percent during the 12 months ending in May.”
The 124,000-employee run Microsoft $21.2 billion in profits over the past year, according to the publication. In total, Microsoft had revenues of nearly $90 billion.
The Indra Nooyi-run PepsiCo came in at No. 144 on the list, down 13 spots from its No. 131 ranking in 2017.
With $63.5 billion in revenues and $4.86 billion in profits, Fortune says that Nooyi “has been on a mission to transform the beverage and snacking giant as consumers seek out healthier fare amid a shifting retail landscape.”
“The company has responded with investments in digital, which helped grow e-commerce sales into a $1 billion business last year. PepsiCo’s focus on ‘better for you’ and ‘good for you’ products led to the launch of veggie chips and new kombucha flavors, but the company’s core North America soda business took a hit as PepsiCo admittedly moved too much attention toward its new, healthier goods,” it said. “A one-time $2.5 billion tax charge in the fourth quarter amid tax reform led to a 23 percent decline in profits for the year.”
At the top of the global list was Walmart. Rounding out the top 5 were State Grid, Sinopec Group, China National Petroleum and Royal Dutch Shell.
Luxembourg-based ArcelorMittal, run by Lakshmi N. Mittal, came in at No. 127 on the list. Basel, Switzerland-based Novartis, led by Vasant Narasimhan, was No. 203 on the global list. Also making the list was Bhavesh V. Patel-led LyondellBasell Industries, a chemicals company based in the Netherlands.
A total of seven India-based companies cracked the list as well (see previous article here).