Apple Inc. (AAPL) jumps to #5 in Fortune 500 rankings

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Fortune has just released the “Fortune 500″ list for the year, which ranks companies based on revenue. This year Apple is at #5, which is up from #6 last year and #17 in 2012. Apple’s net sales are increasing as the company continues to sell iPhones and digital content by the millions. However, Android is now the largest mobile platform in the world so Apple is facing pressure to keep up its innovation.

Apple reported an annual drop in net income in the fiscal year 2013, which is a first in over a decade. Last year, activist investor Carl Icahn disclosed a stake in the company and pushed for a major share buyback. This past April, Apple increased the amount of shares it is authorized to repurchased and increased its quarterly dividend by 8%. Last month, Apple said it was acquired Beats Electronics for $3 billion.

The #1 rank once again this year is Wal-Mart and the #2 spot belongs to ExxonMobil. This is followed by Chevron and Berkshire Hathaway. Apple’s revenue for the year was $170.9 billion. Apple’s profit was $37 billion, which is ranked first among the Fortune 500 companies.

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