Canada Markets closed

Despite turmoil, Facebook skyrockets in new Fortune Global 500 ranking

Facebook (FB) was among the biggest gainers on Fortune’s latest list of the 500 top-earning companies, defying the impact of several controversies that have dogged the company.

With over $500 billion in revenue and $6 billion in profit, Walmart (WMT) topped Fortune’s Global 500 ranking, which was released on Monday. And ahead of a hotly awaited initial public offering, Middle Eastern oil giant Saudi Aramco, debuted at number six on Fortune’s annual list — and outflanked Apple as the world’s most profitable company.

Yet some marquee names made some bold jumps up the ranks, Facebook being one of them.

The social network jumped from 184 to 90, reflecting a nearly 40% surge in both profit and revenue.

In the wake of a data privacy scandal and other lapses that have prompted regulators to call for more oversight, Facebook’s user engagement has been on the rise. But multiple problems continue to hamper the tech giant, including objections raised over the development of its proposed cryptocurrency, Libra.

Separately, Chinese e-commerce company Alibaba (BABA) surged 118 spots, landing at 182 on Fortune’s list.

Other big winners were Country Garden Holdings (2007.HK), a Chinese property development company that jumped 176 spots to land at 177; and Japanese holding company Itochu (ITOCY) which rose 139 spots to number 65 on the list.

Donovan Russo is a writer for Yahoo Finance. Follow him @Donovanxrusso.

Read more:

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit