Apple has climbed over thirty places in CNN's annual listing of the top 500 US corporations.

The Cupertino-based company now sits in 121st place in the annual list, up from its 159th place position last year.

The report reveals the company's revenues climbed 38.6 per cent between 2005 and 2006 (the last two periods for which full year financial information are currently available).

The company also saw iPod-fuelled profits in the period, up 49.8 per cent year-on-year. All told, Apple's market value stands at 80,602.6 million.

Other computer firms in the list include HP, IBM and Dell (all three of which lead Apple in the list). Competitors also include Xerox, Sun, NCR, Pitney Bowers, Gateway and Palm, all of which lagged behind Apple in this year's list.