Fortune has published its annual Fortune 500 rankings. Everyone’s favorite little computer and electronics company has climbed to #35 on the list, up an incredible 21 spots from last year:

Apple climbed 21 slots into the top 50 of the Fortune 500 this year. How’d it get there? The company not only continues to expand its reach in existing markets, it also keeps creating new ones.

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.

Apple’s $14 billion profit in 2010 also made it the 8th most profitable company last year. Apple has passed Dell, and now sits below HP for the most profitable computer company in the US.

Article Via Mac Rumors