IBM only just held on to a place in the top 10 of this year's Fortune 500 list of the world's biggest companies, falling from eighth to ninth place. But many of the top 100 ranked computer companies plummeted this year.
Hewlett Packard dropped from 19 to 28, while Compaq dropped from 27 to 46. Dell dropped five places to 53 and Motorola was down from 44 to 56.
Chipmaker Intel fell from 41 to 65, and Lucent Technologies took a huge nose dive from 28 to 76.
But there were two computer companies that were on the rise: Microsoft climbed to 72 from 79 and Cisco Systems advanced to 92 from 107.
Fortune said that 2001 was an especially tough year for the biggest companies. Revenue growth was just three per cent and profit for the 500 companies last year fell 53 per cent.
Among other rankings, Sun Microsystems was placed 112, Xerox 120, Oracle 176, Texas Instruments 236, Gateway 296 and Unisys 300. Intel rival AMD ranked 424 and Amazon came in at 492.
The telecoms downturn affected companies such as WorldCom, which fell from 32 to 42, Verizon Communications which dropped from 10 to 11, and SBC Communications, which moved from 14 to 27.
In a year of accounting improbabilities, coming in at five was fallen energy giant Enron which, despite its collapse, managed to move up two places.
Carol Loomis, a member of Fortune's board of editors, explained that Enron made the list because the magazine used the company's restated earnings from 1 January to 30 September, which gave it revenues of $139bn.
Enron's bankruptcy filing on 2 December made it eligible for consideration and the company has yet to report fourth-quarter results.
Wal-Mart became the first services company to rise to the No 1 spot on the list with nearly $220bn in revenues.
Also included in the top 10 were Exxon, General Motors, Ford Motor, General Electric, Citigroup, ChevronTexaco and Philip Morris.
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