Apple (AAPL) Rises to Top 3 on Fortune 500 List, But Cautious Commentary Noted

Apple's (NASDAQ: AAPL) increase in revenue moved it up a few spots on one of the most-prestigious corporate rankings lists.

Fortune released its Fortune 500 list on Monday. Atop the standings is Wal-mart (NYSE: WMT), with annual revenue of $482.13 billion. ExxonMobil (NYSE: XOM) was second at $246.2 billion. Apple rounded out the top three at $233.7 billion, climbing up from number five with revenue of $182.8 billion in 2015.

On Apple's move higher, Fortune commented, After more than a decade of solid growth fueled first by the iPod music player and then by the even more popular iPhone, Apple finally appeared to hit a wall. Still the most profitable publicly-traded company in the world, Apple’s iPhone 6S and 6S Plus upgrades barely outsold their predecessors after arriving on the market at the end of 2015, while sales of the iPad tablet computer continued to shrink throughout the year.

Shares of Apple are up over 1 percent.

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