Apple is ranked at number 55 in Fortune’s Global 500 list, the company was previously ranked at number 111 in Fortune’s ranking of the world’s largest corporations.
The ranking is based on revenue for the fiscal year 2011.
Fortune compares revenue and profits from fiscal year 2011 and 2010. Apple’s revenue in 2011 was US$108.249 billion, up 66 percent compared to the previous year.
Profit for 2011 was US$25.922 billion, up 85 percent on 2010.
At the top of the list is Royal Dutch Shell, with US$484.489 billion in revenue and US$30.918 billion in profits.
Samsung Electronics is in 20th place, with US$148.944 billion revenue and US$12.059 billion in profits.
HP is in 31st position, with US$127.245 billion revenue and US$7.074 billion in profits.
The ranking shows clearly that Apple is making significantly more profit from its revenue than its competition.
Apple is ahead of Sony at number 87, which made US$82.237 billion revenue and saw a loss of US$5.784 billion in profit.
Toshiba was in 97th place, with US$77.261 billion in revenue and US$934 million in profit.
Apple will report its third quarter 2012 financial results on 24 July.