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 $108.249 billion, up 66% compared to the previous year.

Profit for 2011 was $25.922 billion, up 85% on 2010.

At the top of the list is Royal Dutch Shell, with $484.489 billion in revenue and $30.918 in profits.

Samsung Electronics is in 22nd place, with $148.944 billion revenue and $12.059 billion profit.

HP is in 31st position, with $127.245 billion revenue and $7.074 profit.

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 $82.237 billion revenue and saw a loss of -$5.784 billion in profit.

Toshiba was in 97th place, with $77.261 billion in revenue and 934 million in profit.

Apple will report its third quarter 2012 financial results on 24 July.