Chinese smartphone brand, Huawei has ranked 61st on the Fortune 500 list. This year's ranking represents an 11-point jump from last year and a 68-point leap from 2017.
The Fortune 500 list ranks companies according to their revenue and profit, focusing on the size of the companies compared with other lists. The Fortune 500 rankings have become an important indicator that companies use to measure their own strengths, size and international competitiveness.
Huawei's ranking comes after the Chinese company saw a 22% increase in revenue and a 27.5% change in profits. Earlier this year, Huawei ranked 47th on BrandZ's annual Top 100 Most Valuable Global Brands.
"Our continued elevation in the Fortune 500 list rankings is yet another notable marker of success for the company in 2019," said Richard Yu, CEO of Huawei Consumer Business Group. "Our dedication to delivering the latest technologies to our customers, with a sharp focus on innovation through commitment to investing in R&D has enabled us to continue to enjoy record success."