Apple Inc.
Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services. It is considered one of the Big Five companies in the U.S. information technology industry, along with Amazon, Google, Microsoft, and Facebook.Its hardware products include iPhone smartphones, iPad tablet computers, Mac personal computers, iPod portable media players, Apple Watch smartwatches, Apple TV digital media players, AirPods wireless earbuds, AirPods Max headphones, and the HomePod smart speaker line. Apple's software includes the iOS, iPadOS, macOS, watchOS, and tvOS operating systems, the iTunes media player, the Safari web browser, the Shazam music identifier, and the iLife and iWork creativity and productivity suites, as well as professional applications like Final Cut Pro, Logic Pro, and Xcode. Its online services include the iTunes Store, the iOS App Store, Mac App Store, Apple Arcade, Apple Music, Apple TV+, Apple Fitness+, iMessage, and iCloud. Other services include Apple Stores, the Genius Bar, AppleCare, Apple Pay, Apple Cash, and Apple Card.
Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976 to develop and sell Wozniak's Apple I personal computer, though Wayne sold his share back to Jobs and Wozniak within 12 days. It was incorporated as Apple Computer, Inc., in January 1977, and sales of its computers, including the Apple II, grew quickly.
Jobs and Wozniak hired a staff of computer designers and had a production line starting in Jobs' garage. Apple went public in 1980 to instant financial success. Over the next few years, Apple shipped new computers featuring innovative graphical user interfaces, such as the original Macintosh in 1984, and Apple's marketing advertisements for its products received widespread critical acclaim. However, the high price of its products and limited application library caused problems, as did power struggles between executives. In 1985, Wozniak departed Apple amicably and remained an honorary employee,[11] while Jobs resigned to found NeXT, taking some Apple co-workers with him.[12]
As the market for personal computers expanded and evolved through the 1990s, Apple lost considerable market share to the lower-priced duopoly of Microsoft Windows on Intel PC clones. The board recruited CEO Gil Amelio to what would be a 500-day attempt to rehabilitate the financially troubled company—reshaping it with layoffs, executive restructuring, and product focus. He led Apple to buy NeXT in 1997, solving a failed operating system strategy and bringing Jobs back.
Jobs regained leadership status, becoming CEO in September 1997. Apple swiftly returned to profitability under the revitalizing "Think different" campaign, rebuilding Apple's status by launching the iMac and iPod, opening a retail chain of Apple Stores in 2001, and acquiring numerous companies to broaden the software portfolio. The company was renamed to Apple Inc. in 2007, reflecting a focus toward consumer electronics, and launched the iPhone to critical acclaim and financial success. In August 2011, Jobs resigned as CEO due to health complications, and Tim Cook became the new CEO. Two months later, Jobs died, marking the end of an era for the company. In June 2019, Jony Ive, Apple's CDO, left the company to start his own firm but stated he would work with Apple as its primary client.
Apple's worldwide annual revenue totaled $274.5 billion for the 2020 fiscal year. Apple is the world's largest technology company by revenue and since January 2021, the world's most valuable company. Apple is the world's 4th-largest PC vendor by unit sales as of January 2021. It is also the world's fourth-largest smartphone manufacturer.[14][15] In August 2018, Apple became the first publicly traded U.S. company to be valued at over $1 trillion and just two years later, in August 2020 became the first $2 trillion U.S. company. Apple employs 147,000 full-time employees and maintains 511 retail stores in 25 countries as of 2021. It operates the iTunes Store, which is the world's largest music retailer. As of January 2021, more than 1.65 Billion Apple products are actively in use worldwide. The company also has a high level of brand loyalty and is ranked as the world's most valuable brand. However, Apple receives significant criticism regarding the labor practices of its contractors, its environmental practices and unethical business practices, including anti-competitive behavior, as well as the origins of source materials.
about
Apple Computer Company was founded on April 1, 1976, by Steve Jobs, Steve Wozniak, and Ronald Wayne as a business partnership. The company's first product is the Apple I, a computer designed and hand-built entirely by Wozniak. To finance its creation, Jobs sold his only motorized means of transportation, a VW Microbus, for a few hundred dollars, and Wozniak sold his HP-65 calculator for US$500 (equivalent to $2,246 in 2019). Wozniak debuted the first prototype at the Homebrew Computer Club in July 1976. The Apple I was sold as a motherboard with CPU, RAM, and basic textual-video chips—a base kit concept which would not yet be marketed as a complete personal computer. It went on sale soon after debut for US$666.66 (equivalent to $2,995 in 2019).:180 Wozniak later said he was unaware of the coincidental mark of the beast in the number 666, and that he came up with the price because he liked "repeating digits".
Apple Computer, Inc. was incorporated on January 3, 1977, without Wayne, who had left and sold his share of the company back to Jobs and Wozniak for $800 only twelve days after having co-founded Apple. Multimillionaire Mike Markkula provided essential business expertise and funding of US$250,000 (equivalent to $1,054,778 in 2019) to Jobs and Wozniak during the incorporation of Apple. During the first five years of operations, revenues grew exponentially, doubling about every four months. Between September 1977 and September 1980, yearly sales grew from $775,000 to $118 million, an average annual growth rate of 533%.
The Apple II, also invented by Wozniak, was introduced on April 16, 1977, at the first West Coast Computer Faire. It differs from its major rivals, the TRS-80 and Commodore PET, because of its character cell-based color graphics and open architecture. While early Apple II models use ordinary cassette tapes as storage devices, they were superseded by the introduction of a 51⁄4-inch floppy disk drive and interface called the Disk II in 1978. The Apple II was chosen to be the desktop platform for the first "killer application" of the business world: VisiCalc, a spreadsheet program released in 1979. VisiCalc created a business market for the Apple II and gave home users an additional reason to buy an Apple II: compatibility with the office. Before VisiCalc, Apple had been a distant third place competitor to Commodore and Tandy.
By the end of the 1970s, Apple had a staff of computer designers and a production line. The company introduced the Apple III in May 1980 in an attempt to compete with IBM in the business and corporate computing market. Jobs and several Apple employees, including human–computer interface expert Jef Raskin, visited Xerox PARC in December 1979 to see a demonstration of the Xerox Alto. Xerox granted Apple engineers three days of access to the PARC facilities in return for the option to buy 100,000 shares (5.6 million split-adjusted shares as of March 30, 2019) of Apple at the pre-IPO price of $10 a share.
Jobs was immediately convinced that all future computers would use a graphical user interface (GUI), and development of a GUI began for the Apple Lisa. In 1982, however, he was pushed from the Lisa team due to infighting. Jobs then took over Wozniak's and Raskin's low-cost-computer project, the Macintosh, and redefined it as a graphical system cheaper and faster than Lisa. In 1983, Lisa became the first personal computer sold to the public with a GUI, but was a commercial failure due to its high price and limited software titles, so in 1985 it would be repurposed as the high end Macintosh and discontinued in its second year.[56]
On December 12, 1980, Apple (ticker symbol "AAPL") went public selling 4.6 million shares at $22 per share ($.39 per share when adjusting for stock splits as of March 30, 2019), generating over $100 million, which was more capital than any IPO since Ford Motor Company in 1956. By the end of the day, 300 millionaires were created, from a stock price of $29 per share and a market cap of $1.778 billion.
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