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Apple Inc. (formerly Apple Computer, Inc.) is a multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services. It is known for its products such as the iPhone, iPad, Mac computers, Apple Watch, and Apple TV. Apple is also the creator of the iOS and macOS operating systems, as well as various software applications and services like iTunes, iCloud, and Apple Music. The company was founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne and is headquartered in Cupertino, California.
As of March 2023[update], Apple is the world's largest company by market capitalization.[1] As of 2022, it was the largest technology company by revenue, with US$394.3 billion.[2] As of June 2022[update], Apple was the fourth-largest personal computer vendor by unit sales, the largest manufacturing company by revenue, and the second-largest manufacturer of mobile phones in the world. It is one of the Big Five American information technology companies, alongside Alphabet (the parent company of Google), Amazon, Meta (the parent company of Facebook), and Microsoft.
Apple was founded as the "Apple Computer Company" on April 1, 1976 to develop and sell the Apple I personal computer that Steve Wozniak designed. Apple was incorporated by Jobs and Wozniak in 1977. Apple's second computer, the Apple II, became a best seller and was one of the first mass-produced microcomputers.
The company developed computers featuring innovative graphical user interfaces, including the original Macintosh in 1984, announced in a critically acclaimed advertisement called "1984".
By 1985, Apple was facing internal company problems. Some of their products were too expensive, and there were conflicts between board members and executives. Steve Wozniak stepped back from Apple and pursued other ventures, and the board fired Steve Jobs, who then founded NeXT, Inc., taking some Apple employees with him. Apple continued to sell personal computers with increasing competition from Microsoft, IBM, and PC-clone companies. During this period, Apple went through three CEOs.
In 1997, after a series of failures, Apple bought NeXT to resolve Apple's operating system strategy, which had the benefit of bringing Steve Jobs back as an advisor. Jobs quickly became CEO, and over the next decade, Apple exhibited renewed success, through a number of tactics including introducing the iMac, iPod, iPhone, to critical acclaim, and memorable advertising campaigns such as the "Think different" campaign. Apple's success was bolstered by opening the Apple Store retail chain, and acquiring numerous companies to broaden the company's product portfolio. Steve Jobs resigned in 2011 for health reasons, and died two months afterwards. He was succeeded as CEO by Tim Cook.
Apple became the first publicly traded U.S. company to be valued at over $1 trillion in August 2018, then at $2 trillion in August 2020, and at $3 trillion in January 2022. In June 2023, it was valued at just over $3 trillion.[3]
The company has received criticism regarding its contractors' labor practices, its environmental practices, and its business ethics, including anti-competitive practices and materials sourcing. Nevertheless, the company has a large following and enjoys a high level of brand loyalty. It has also been consistently ranked as one of the world's most valuable brands.
- ^ "Companies ranked by Market Cap - CompaniesMarketCap.com". companiesmarketcap.com. Retrieved March 22, 2023.
- ^ "Apple Reports Fourth Quarter Results". Apple Newsroom. Retrieved March 22, 2023.
- ^ "Apple's market value ends above $3 trillion for first time". Reuters. Retrieved June 30, 2023.