Apple Eighth Most Profitable Company In U.S., 35th Largest

The annual Fortune 500 list of America’s largest corporations is out for 2011. Apple is now ranked No. 35, after climbing 21 spots. It now finds itself in the Top 50 for the first time. However, the real story is that Apple is now the eighth most profitable company in the U.S. Recognizing Apple’s ability at creating new markets, Fortune believes the company’s future is secure, regardless of the concern many have about Steve Jobs’ health. They believe that no matter who’s in charge “investors have plenty of reason to believe Apple’s magic spell on consumers can continue.” The Top 5 companies on this list are: Wal-Mart Stores, Exxon Mobil, Chevron, ConocoPhillips, and Fannie Mae. Here is how Apple ranks versus the Top 10: The Fortune 500 list, which has been presented annually since 1955, ranks U.S. companies according to revenues, without regards to profits. When profits are taken into account, Apple soars to No. 8, with profits of just over $14 billion in 2010. According to paidContent.org, this was an increase of 70 percent from the year before. The top seven on this list are: Exxon Mobil, AT&T, Chevron, Microsoft, J.P. Morgan Chase & Co., Wal-Mart Stores, and International Business Machines. Meanwhile, a new report from IDC indicates Apple is now the second largest smartphone vendor in the world for the first time. They now rank ahead of Research In Motion, which fell to No. 3. Nokia remains No. 1. What do you think? Care to guess how high Apple will go on the Fortune 500 list after 2011 numbers are known? Leave your comments below.