Exxon Mobil snagged a whopping $443 billion in revenue to unseat Wal-Mart from the top spot in this year's Fortune 500 list, CNN reports. The two behemoths thrived on jacked-up oil prices and the recession respectively, but the picture was a lot bleaker for most of the rest of the 500—overall earnings took a record 85% dive to $98.9 billion from $645.2 billion the year before.
Microsoft came in third place, followed by ConocoPhillips, General Electric, and General Motors. Some 128 companies on the list had losses for a total of $519.3 billion, up from 57 companies losing a total of $116.7 billion in 2007. AIG, ranked as biggest loser, plummeted from No. 13 to No. 245. "America is getting used to the sound of bubbles bursting," Fortune said. (Read more Fortune 500 stories.)