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Apple is now placed third in the Fortune 500

Apple has risen to third place in the Fortune 500 list, an annual rundown of the most valuable corporations in the US.

The list is calculated on gross revenue, and despite an unheard of slowdown in iPhone sales this year, Apple’s grip on consumers remains firm, clocking in revenue of $234 bn. In 2015 Apple was placed fifth, a position it had held the previous year as well. Going back further, Apple placed 56th in 2010.

However, Apple is now behind only Walmart at number one (revenue: $482 bn) and Exxon Mobil ($246 bn). The only other tech company on the list is AT&T at number 10.

It’s notable that this list takes into account the gross revnue, not proft, for which Apple’s hit $53.4 bn – more than both Walmart and Exxon Mobil combined. Both also saw revenue fall while Apple’s increased by almost 28%.

Fortune’s company profile on Apple as part of the list focused on the concerns investors might have had over the last few months:

“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. In April 2015, the Apple Watch arrived to mixed reviews and modest sales. And though debate raged for a bit about the state of Apple’s sales in China amid a slowing economy there — including an unusual August 2015 email from CEO Tim Cook to CNBC host Jim Cramer claiming no summer slowdown — the year ended on a weak note for the company in Asia.”

The Fortune 500 has run for 62 years with the list representing two-thirds of the entire US GDP – a total of $12 trillion in revenues and $840 billion in profits.

For more information on the Fortune 500, visit