The year 2008 has been a tough year for companies across sectors. The year saw most of them see their market cap get mauled and profits shrink.

The Fortune magazine's annual ranking of America's largest companies too mirrors slowdown pangs being faced by these corporate giants. The high and mighty of corporate America are trying every management trick to keep their financial books in black.

Here we bring to you the biggest 10 technology companies in revenue on the list.

The biggest technology company in terms of revenues is US-based AT&T. The leading wireless provider

Headquartered in Texas, the company which jumped two positions at no 8 compared to last year, has $124,028 million revenues and makes a profit of $12,867 million.

Having market value of $153,226 million as of March end, the company has $265,245 million worth assets. The company has a global workforce of 302,660.

During just announced Q4, the company activated 1.9 million 3G iPhone, down 21 per cent from Q3, when the phone was first launched. AT&T reported Q4 profit falling more than 23 per cent to about $2.4 billion. The company indicated it will cut capital spending in 2009 by 10 to 15 per cent, or by $2 billion to $3 billion from 2008 levels.

According to an analyst, the results show that the company is well-positioned to handle the recession from a cost management perspective, and equally well-positioned to emerge stronger when the recession ends.

At no. 9 in the overall list of biggest technology companies by revenues is Hewlett-Packard, the world's top seller of personal computers. Last year the company was ranked at no. 14 on the list.

In 2008, the company recorded revenues of $118,364 million up 13.5 per cent from previous year. The company's profits amounted to $8,329 million up from 14.7 per cent from the year 2007.

The company's revenue and earnings rose 13 per cent and 15 per cent respectively, aided by strong demand for laptops (up 21 per cent) and services (10 per cent). With $79,879.1 million market value, the company has total assets worth $113,331 million.

Headquartered in California, the company serves more than one billion customers in more than 170 countries. The company spends $3.5 billion annually on research and development of products, solutions and new technologies. The company has 321,000 global manpower resource.

At no 14 on the list is IBM, one of the largest information technology services and consulting provider. The company jumped one spot up from its last year's ranking.

The Big Blue's profit climbed 18 per cent in 2008, fueled by overseas growth in countries from Argentina to Vietnam. The company made 15 acquisitions, up from 12 in 2007.

Recently, IBM was in acquisition talks with Sun Microsystems. However, the talks collapsed. Last week Oracle acquired Sun in $7.5 billion deal.

The company recorded revenues of $103,630 million, 4.9 per cent change from 2007. The company's profits were estimated at $12,334 million up from 18.4 per cent the previous year. With the market value of $126,319 million as of March end, the company has total assets worth $109,524 million. The company had $8.93 earning per share. As of 2008, the company had 398,455 global employee base.

The challenging market may have hammered IBM's stock price by nearly 30 per cent since July 2008, however, analysts credit the company to have weathered the economic crunch 'relatively well'.

Next technology company on the Fortune 500 list is Verizon Communications, American's leading broadband and telecommunication company.

In 2008, the company recorded $97,354 million revenues up 3.8 per cent from previous year. Company's profits amounted to $6,428 million, 16.4 per cent change from 2007. The company had $2.26 earning per share.

Having market value of $86,978.3 million, Verizon Communications has total assets amounting to $202,352 million. The popularity of Blackberry Storm helped the telecom giant grow its profits in 2008. Verizon Wireless, a joint venture with Vodafone Group Plc (VOD), was helped by the acquisition with Alltel.

With the $28.1 billion purchase of Alltel in January 2009, Verizon is now the America's biggest wireless company with 83.7 million customers. As of 2008, the company has total 223,880 global workforce.