Powered by cloud services, Amazon now challenges Walmart for top spot on the vaunted list
Software vendors, a distributor, and volume resellers are among the biggest movers on the 2020 Fortune 500, the annual ranking of the biggest publicly traded U.S. companies by gross revenue.
The Big Movers
The technology segment remains one of the most important categories and most productive in the annual ranking. Topping the crop of tech companies with the biggest movement in rankings is Adobe, which moved up to 285 based on a 24% increase in gross revenue — a change of 54.
Not far behind Adobe in the change rankings is Salesforce, which moved up to 190 on the list, up 50 positions powered by a 29% increase in revenue.
The third-biggest mover is Synnex, which saw revenue increase 19% in 2019. The steep increase in revenue moved the distributor up 28 slots to 130 on the list.
Rounding out the top five movers are Insight Enterprises and CDW, two of the biggest large account resellers in the market. Insight moved up 21 slots to 409, while CDW improved its position 13 slots, landing at 178 on the list.
Tech in the Top 100
Technology companies are among the largest companies by revenue on the Fortune 500. Amazon, powered by its Amazon Web Services division, is now challenging Walmart for the top slot on the list. Amazon’s rank improved by three to take the No. 2 slot.
Apple slipped in the rankings by one, landing in the fourth-highest slot, just behind ExxonMobil. Alphabet, the parent company of Google, improved its ranking by four, coming in at 11 on the list. Microsoft, which is seeing a surge in cloud sales and revenue, improved its position by 5, coming in at 21.
Commscope, the Sole Newcomer
The only technology newcomer to the 2020 Fortune 500 is Commscope, which is aggressively reinvigorating its product portfolio and building out its channel. The company popped onto the list at 381, propelled by an 83% revenue gain.
Slipping in the Ranks
Not all technology companies on the Fortune 500 improved their positions. Western Digital is among the companies with the most significant declines, falling 45 slots in the rankings, due largely to a 20% decline in revenue. The hard-drive manufacturer is 198 on this year’s list.
Others that moved down the list include Frontier Communications, the troubled rural carrier, which slipped 38 slots to No. 292. Systems integrator DXC Technologies, which debuted on the Fortune 500 in 2018, landed at No. 155, down 33 slots from last year. And printing and imaging vendor Xerox is 347, down 29 slots.
The full Fortune 500 list is available at https://fortune.com/fortune500/.