Fortune has released their annual Fortune 500 list. For 2011, Apple has jumped 21 spots to number 35.

The report states how Apple expansion into markets as well as creating new ones has helped the company greatly:

Take the iPad, which showed the world the power of tablet computing when it was introduced last year. iPad 2 followed, and was one of the most highly anticipated electronic products this year. CEO Steve Jobs‘ appearance at its debut in March reassured shareholders worried about his most recent medical leave. Regardless of who’s in charge, though, investors have plenty of reason to believe Apple’s magic spell on consumers can continue.

The ranking of the Fortune 500 companies is based on revenue and they show Apple earning over $65 billion with over $14 billion of that being profit.

Apple’s current Q2 earnings show that Apple may indeed jump up higher on next years list with $24.67 billion in revenue and $5.99 billion in profit in just one quarter.

With phenomenal expansion and innovation in the mobile market, Apple has no where to go but up.

(via Fortune)