The firm posted its first loss since 2015 last quarter as sales slowed and it wrote down its electric vehicle start-up. The online shopping pioneer is fifth with a valuation of $1.15tn, having made a profit of $33.4bn from revenues of $469.8bn in 2021.

The company formerly known as Google is further back in fourth with a valuation fo $1.47tn after snagging revenues of $257.6bn and net income of $76bn in 2021, but the search giant is mired in antitrust suits in several countries.

With a market cap of $1.94tn, Microsoft is now the third most valuable company after recording revenues of $161bn and net income of $60.6bn in 2021, with Windows and Xbox continuing to go strong. The EU signalled this week that all smartphones will require a USB-C charging port in a blow to the Cupertino giant. The iPhone maker is just behind Saudi Aramco with a market cap of $2.27tn, having brought in revenues of $365.8bn and income of $94.7bn in 2021. The Saudi state-owned company had income of $109.4bn from revenues of $359.2bn last year, employs 66,800 people and boasts assets of $331.8bn 2. The Saudi Arabian Oil Company, to give the petroleum and natural gas firm its full name, surpassed Apple last month to become the world's most valuable company with a current market capitalisation of $2.37tn. Here are the top 20 companies in terms of market capitalisation as of 10 June: 1. Make no mistake, the likes of Alphabet, Amazon, Apple and Meta are still at the very top of the list of the world's most valuable companies, but they are being rivalled and surpassed by oil producers, pharmaceutical leaders and conglomerates in some cases. After a number of years during which US tech giants rode Trump-era tax cuts to record valuations, 2022 has seen some of the world's biggest companies take a battering on the stock market.

Largest companies by market cap