Apple

Background

Apple is a tech giant known for gadgets like the iPhone, iPad, and Mac—products that transformed how people communicate, consume media, and interact with technology.

Since CEO Tim Cook took the helm in 2011, Apple has become a tastemaker and lifestyle brand. In 2019, it also became a player in Hollywood, funding original shows and movies via Apple TV+. With the Apple Watch, the company has a suite of apps and services focused on personal health and wellness.

History

Apple (timeline) was cofounded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, at a time when most companies focused on making computers for business use. Apple’s early insight focused on ordinary consumers, with computers that could be used for creativity and enjoyment.

Its first computers were the Apple I and Apple II; the latter was among the first highly successful mass-produced PCs, selling roughly 6 million units. Apple gained enough traction to go public in 1980, while the launch of the Macintosh in 1984—with its user-friendly graphical design interface—marked a revolutionary moment for Apple and the future of computing.

The Macintosh set the standard for modern PCs, by shifting away from complicated command-line inputs and toward the now-ubiquitous graphical interface. However, internal tension accompanied Apple’s growth. Management disagreements led to Jobs’ firing in 1985 and, later, to the company’s near-bankruptcy as Apple lost focus and rivals overtook it.

Jobs engineered a return as CEO in 1997, setting the stage for Apple’s turnaround in the 2000s. The Jobs-led turnaround sent Apple’s stock price soaring—from around $14 a share before his return to over $380 by August 2011, the year he died.

Apple’s Modern Era

Jobs first streamlined Apple’s disorganized product line. Working closely with designer Jony Ive, Jobs then launched the brightly colored iMac computer in 1998. 

Apple’s first noncomputing mobile product was the iPod, which in 2001 transformed the music industry by shifting it to a song-download framework.

The iPod set the stage for the launch of Apple’s most important and enduring product: the iPhone, which in 2007 revolutionized smartphones with its all-screen touch interface. The iPhone likewise paved the way for Apple’s App Store, which features almost 2 million apps today, as well as the all-screen iPad tablet.

iPhone sales still drive around 60% of Apple’s annual revenue. As of 2023, there are over 1 billion active iPhone units, and Apple has sold over 2 billion iPads and Macs combined. Apple is also increasingly the source of content enjoyed on those devices—from the Apple Music app to Apple TV+, the home of shows like "Ted Lasso."

As a result, Apple reported nearly $400B in annual revenue in 2023.

The Future

Jobs died in 2011 at age 56 from pancreatic cancer. Under Cook, Apple continues launching fresh iterations of iPhones, iPads, and Macs. Cook has also launched new products, like the Apple Watch, AirPods headphones, and the $3,499 Vision Pro AR headset—which, while technically impressive, hasn’t gone mainstream.

Apple’s digital services—like its music, TV, and App Store offerings—have been more important than ever in the Cook era, as the company tries to diversify its revenue mix.

A collaborative and inclusive leader, compared to Jobs’ more confrontational and visionary style, Cook is also focused on the importance of user privacy—as well as on making Apple a more sustainable and greener company.