miscellaneous commentary

Phoenix of the Computer Age

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July 1997: Steve Jobs returns as CEO of Apple.

6 August 1997: on the verge of insolvency, Apple receives a $150 million lifeline from nemesis Microsoft.

28 September 2000: Apple announces lower than expected fourth quarter earnings. The 429-word press release causes the company’s stock to drop more than 50% in a single trading day and halves its market value.

23 October 2001: Apple announces the iPod. Pundits quickly predict its demise at the hands of any number of larger, better-funded companies.

17 April 2003: Apple’s stock trades at a low of $6.56 per share.

29 April 2003: Apple announces the iTunes Store, selling MP3s and, later, movies and TV shows. Pundits also expect the store’s demise alongside the iPod.

October 2004: the iPod line takes control of 70% the MP3 market.

12 September 2006: the iTunes Store controls 88% of the legal US music download market.

11 April 2007: the iTunes Store becomes the world’s most popular online movie store.

3 April 2008: the iTunes Store surpasses Wal-Mart as the #1 music retailer in the US.

9 January 2007: Apple announces the iPhone.

12 March 2010: Apple announces the iPad.

26 May 2010: Apple surpasses Microsoft in market value.

21 April 2011: Apple surpasses Nokia as the world’s largest mobile handset vendor.

26 July 2011: Apple’s stock trades at a high of $403.41 per share.

10 August 2011: Apple surpasses ExxonMobil to become the world’s most valuable company in terms of market value.

Naturally, no one is king of the hill forever. Steve Jobs knows that. But I do enjoy pointing out how he returned to a company on the brink of death and rebuilt it into a titan of industry and innovation. That achievement defied all expectations.


Written by camcarlson

August 10, 2011 at 7:50 PM

Posted in Apple

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