Apple Inc. is an American technology corporation that designs and sells consumer electronics, software and personal computers. The Cupertino-based company was founded by Steve Jobs and Steve Wozniak in 1976 and was originally named Apple Computer. Apple was among the first companies to market personal computers targeted at consumers. Its Macintosh computers pioneered the use of graphical user interfaces and established the mouse as a primary input device in the early 1980s.
During the 1980s and early 1990s, Apple continued selling computers but was increasingly marginalized by competitors such as IBM and
Microsoft. After struggling for several years, Apple acquired NeXT in 1997. NeXT was a computer company built by Apple co-founder Steve Jobs who had left Apple after a power struggle with CEO John Sculley in 1985. Jobs regained control at Apple and started to reorganize the company. In 1998, Apple released a new all-in-one computer called the iMac and began focusing on media-production and editing software. The iMac sold well and marked the starting point of a hugely successful period for Apple.
In 2001, Apple laid three milestones for its future success: it introduced the first version of its
OS X operating system which still runs
Apple’s desktop and
laptop computers today; it opened the first
Apple Store and, most importantly, it started its first venture into consumer electronics with the release of the iPod.
Apple went on to sell hundreds of millions of iPods over the next few years and the device became by far the most successful digital music player on the market. Moreover, the iPod assisted in the adoption of Apple's iTunes music store which became the first digital music store to really make an impact. As of 2011, the iTunes Store is still the largest of its kind, featuring more than 20 million songs.
In 2007, Apple’s CEO Steve Jobs announced that the company would drop the “Computer” from its name as a testament to its new focus on consumer electronics. On the same day, the first iPhone was introduced. The device became an instant hit. With its touchscreen interface, the iPhone was the first
smartphone of its kind and Apple had yet again created a new market. In fiscal year 2011 (ending September 30),
total iPhone sales passed the 100 million mark and
the iPhone made up almost half of Apple’s revenue. In 2010, Apple introduced the iPad, a
tablet device, primarily designed for media consumption. The iPad became a hit with consumers as competitors struggled to match the device’s design, price and functionality. As of September 2011,
iPad sales amounted to 39 million units, a number far beyond those of Apple's major competitors.
Remarkably,
Apple’s total revenue grew from 8.2 billion U.S. dollars in 2004 to 108.2 billion dollars in 2011. Furthermore,
Apple was able to raise its profits from 1.33 billion dollars in 2005 to 25.92 billion in 2011. Simultaneously, Apple’s stock price soared to never-before-seen heights. Apple even surpassed Exxon Mobil to become the most valuable company in the world for some time in 2011 with a market capitalization of almost 400 billion U.S. dollars.
In October 2011, one day after the newest iPhone was introduced by his successor Tim Cook, Steve Jobs passed away after a lengthy battle with cancer.
Since Job’s return to Apple in 1997, the company had come from being a struggling computer manufacturer to being one of the most valuable companies in the world. Analysts are optimistic that Apple is well-prepared for the post-Jobs era, but it remains to be seen whether the company can be successful in the long run without its visionary leader.
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