Apple has come a long way from Steve Job’s garage. It’s now valued over $1 Trillion, the first US Company to ever achieve that height. Other tech giants are not so far behind Apple today with Amazon, Alphabet/Google and Microsoft valued over $800 billion each.
From the grasps of bankruptcy in 1997 to overtaking Exxon Mobil as the most valuable public company in 2011, and achieving a trillion dollar success 7 years after, Apple is nothing less than phenomenal. The Apple iPhone which has sold billions of units across the world accounts for two-thirds of it’s revenue.
Here’s a really quick recap of how Apple (+2.92%) became the trillion dollar juggernaut it is. Ready? Let’s time travel.
1976: Steve Jobs and Steve Wozniak (alongside a guy named Ronald Wayne) found the company. Their first product: the Apple I computer, built by Wozniak.
1984: Apple launches the Macintosh personal computer.
1985: There’s a power struggle between Jobs and CEO John Sculley. Steve Jobs resigns and founds hardware and software maker NeXT.
1997: Apple buys NeXT and brings back Steve Jobs, who becomes interim CEO. Jobs later said the company was 90 days from going bankrupt then (it was worth less than $3 billion in 1996).
1998: This is where things get fun. Apple releases the colorful iMac computer, designed by the legendary Jony Ive.
2001: Apple launches the iPod.
2007: Up until this year, there was no such thing as an iPhone. Then, Steve Jobs takes the stage at the Macworld Expo, and ushers in the smartphone era. Apple is worth $73.4 billion.
2011: Steve Jobs dies after a battle with pancreatic cancer. He is succeeded by the current CEO, Tim Cook. Apple also passes ExxonMobil as the world’s most valuable public company.
2018: As global demand for smartphones peaks, Apple looks for other revenue sources to maintain growth. Services (Apple Music, App Store, Apple Pay, etc.)…it’s your turn in the spotlight.
Other companies that may reach a trillion dollar valuation in the near future include Google’s parent company Alphabet (currently: $845bn), Amazon ($870bn), and Microsoft ($815bn). Then again, maybe none of the companies will get there. Investors expected Cisco and Microsoft to top that valuation in the late 1990s — but those dreams were shattered alongside the tech bubble burst in March 2000.
It took Apple 42 years to reach $1 trillion in value. How many years will it take to reach $1 quadrillion? #FoodForThought