Revenues and profits were up at IBM (NYSE: IBM) in 2011, but Big Blue still fell in the new global Fortune 500 Companies list.

IBM dropped to 57th from 52nd a year ago even though revenues were up 7.1 percent to $107 billion and profitis climed 6.9 percent to $15.9 billion.

Fortune data shows that IBM has 433,362 employees.

North Carolina’s other Fortune 500 Companies also fell.

Bank of America dropped to 46th from 21st spot as revenues declined 14.2 percent.

Lowe’s, meanwhile, fell 21 spots to No. 190 although revenues were up 2.9 percent.

U.S. firms continue to suffer on the list.

“Although the U.S. still hosts the lion’s share of Global 500 corporations, no country has lost more companies during the last decade,” Fortune notes. “There are 132 U.S.–headquartered businesses on this year’s list, down from 197 a decade ago.”

Royal Dutch Shell is No.1, replacing WalMart which held the top spot each of the last two years.

[IBM ARCHIVE: Check out a decade of IBM stories as reported in WRAL Tech Wire.]