These San Diego companies made the 2024 Fortune 500 list

The big picture: Apple (No. 3) and Google's parent company, Alphabet (No. 8), are the state's top firms, with $383 billion and $307 billion in annual revenue, respectively.

Zoom in: Three San Diego companies made this year's list, led by tech giant Qualcomm at No. 117.

• Qualcomm, a wireless technology and software company, dropped 19 spots this year, reporting about $35.8 billion in revenue (down 19% from 2023).
• Sempra, a public utility company that owns one of the largest energy networks in North America, jumped 39 spots to 246 with $16.7 billion in annual earnings.
• LPL Financial Holdings, an investment and wealth-management company, rose 48 spots to No. 392 with $10 billion in revenue.

Reality check: Qualcomm, San Diego's largest technology firm with about 12,000 local employees, laid off more than 1,700 of them last year to reduce operating expenses, according to state filings.

The intrigue: Petco Health and Wellness regained some traction this year, climbing 20 spots to No. 551 with nearly $6.3 billion in revenues despite a loss of more than $1 billion compared to 2023.

Zoom out: Five California-based companies dropped off the coveted list, but nine new ones joined.

• The newcomers are: Doordash (443), Prologis (463), Electronic Arts (482), Clorox (485), Workday (490), Monster Beverage (496), Intuitive Surgical (497), Super Micro Computer (498) and Cocentrix (499).

What we're watching: Whether San Diego-based biotechnology company Illumina (686) could ascend into the top 500 as it recorded $4.5 billion in revenue — down 1.7% from 2023.

• It reduced its local office space and cut hundreds of jobs in the last year as it tries to reduce operating costs with new leaders at the helm.