Apple now ranks #35 in Fortune 500

Apple climbed its way into the elite Top 50 of the Fortune 500 list for this year. The Cupertino company climbed 21 spots to claim the #35 position between Medco Health solutions and Boeing. Apple was propelled upwards by sales of the iPad, the iPhone and content from the iOS App Store. Combined with its iTunes and Mac hardware sales, the company netted US$14 billion in profits in 2010 and is counted among the 20 most profitable companies in the world.

Apple leads both the tablet and smartphone market and its computer sales are growing. When looking at revenue for the Computer and Office equipment category, Apple settled in second place behind market leader HP and edged out Dell which dropped down to third place. Apple's forecast for 2011 remains strong -- the company continues to expand into new markets with its iOS devices and its Mac hardware line continues to be updated with the latest generation hardware.