Business

The history of everyone’s favorite start-up is a tech fairytale of one garage, three friends, and humble beginnings.

Apple Computers, Inc. was founded on April 1, 1976, by college dropouts Steve Jobs and Steve Wozniak to create computers sufficiently small for individuals to own them in their homes or offices. Jobs and Wozniak built Apple I in Jobs’ garage and sold it without a monitor, keyboard, or casing. The Apple II revolutionized the pc trade with the introduction of the first-ever color graphics. Sales jumped from $7.8 million in 1978 to $117 million in 1980.

Wozniak left in 1983 and Jobs employed PepsiCo’s John Sculley to be the president. However, it backfired and after a lot of controversies, Jobs left in 1985. He founded his own company NeXT software and he additionally bought Pixar, which became a success in computer animation of movies like ToyStory, Monsters, Inc., and Finding Nemo.

Apple was still doing well and denoted high profits. This was largely because of the plans that Jobs had already set in motion before he left, most notably his deal with Adobe, that created the phenomenon known as desktop publishing.

In 1985 Sculley turned down an appeal from Microsoft founder Bill Gates to license its software. Later Microsoft, whose Windows operating system featured a graphical interface almost like Apple’s, became their toughest competition.

Over the years, Apple’s market share began to suffer immensely. In 1997, when Apple was urgently in need of an operating system, it bought out NeXT software and asked for Steve Job’s help. Jobs became associate interim CEO and in 2000 he became the official CEO. Jobs determined to create some changes, cast an alliance with Microsoft to create a mackintosh version of its widespread workplace office. He revamped the computers and introduced iBook and also started branching out into mp3 players (iPod) and media player software (iTunes). This was Jobs’ best move as this became the company’s most profitable sector. Apple launched a series of products over the years like Macintosh, iMac, iPhones iPads, apple tv, etc.

While Steve Jobs died on October 5, 2011, Apple continues with his legacy. At a current price of around $352 per share and with roughly 4.3 billion shares outstanding, Apple’s market capitalization is currently at around $1.53 trillion.