Rodexo
Technology

Apple becomes 1st trillion-dollar company



SAN FRANCISCO – Apple has become the world’s first publicly traded company to be valued at $1 trillion.

The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago.

The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1.

To survive, Apple brought back its once-exiled co-founder, Steve Jobs, as interim CEO and turned to its archrival Microsoft for a $150 million cash infusion to help pay its bills.

Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple’s rise.

Apple shares rose 2.7 percent to an all-time high of $207.05 around midday. They’re up 22 percent so far this year.

Jobs’ vision, showmanship and sense of style propelled Apple’s comeback. But it might not have happened if he hadn’t evolved into a more mature leader after his exit from the company in 1985. His ignominious departure came after losing a power struggle with John Sculley, a former Pepsico executive who he recruited to become Apple’s CEO in 1983 — seven years after he and his geeky friend Steve Wozniak teamed up to start the company with the administrative help of Ronald Wayne.

A man pays to buy new iPhone Xs from those who just bought at Apple Stores, on a street in Hong Kong, China November 3, 2017. REUTERS/Bobby Yip/File Photo
REUTERS/Bobby Yip/File Photo

Jobs remained mercurial when he returned to Apple, but he had also become more thoughtful and adept at spotting talent that would help him create a revolutionary innovation factory. One of his biggest coups came in 1998 when he lured a soft-spoken Southerner, Tim Cook, away from Compaq Computer at a time when Apple’s survival remained in doubt.

Cook’s hiring may have been one of the best things Jobs did for Apple. In addition, that is, to shepherding a decade-long succession of iconic products that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.


Source : IBtimes

Related posts

Snap to publicly file for its much-anticipated IPO late next week

Rodexo

Tesla VP of supply chain management Liam O’Connor, is leaving

Rodexo

Shadow Brokers leak second batch of data allegedly from NSA-linked 'Equation Group'

Rodexo

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.