Apple Inc solidated its position as the world’s best company by becoming the first-ever publicly-traded company to reach $2 trillion valuation. Through this feat, Apple surpassed Saudi Aramco to become the world’s most valuable company. Apple has been the pioneers of modern-day gadget tech, but after the death of visionary co-founder Steve Jobs, nobody thought Apple could survive. But the same vision of Steve Jobs has carried Apple throughout their journey. Even nine years after Steve Jobs’s death, Apple is one of the world’s highest-valued companies and has grown exponentially. Tim Cook has done a commendable job of handling the reigns at the world’s biggest company.
The high-flying valuation is a result of Apple’s stock breaking a price of $467.77 per share, multiplied by the company’s most recent report of 4,275,634,000 outstanding shares. This valuation set Apple at a higher valuation than tech rivals Amazon and Microsoft, both at $1.5 trillion each and Google, being just north of $1 trillion.
Steve Jobs succumbed to pancreatic cancer in 2011 and will always be the man who created the very successful Mac, iPad, and iPhone. He brought Apple back from the brink of death when he came back to Apple in 1997 and breathed new life into a company that was $1 billion in the red and six-to-eight weeks from bankruptcy. At the time of his death, Apple was valued at $153 Bn.
One key reason for Apple’s continued growing success is that Jobs created a company in his likeness and has installed in his top executives a deep understanding of his own business and technology philosophy that still guides Apple’s leadership today. Under Jobs, the iMac killed the Macintosh., and the iPhone killed the iPod. Apple’s biggest competition has always been Apple. Despite all the anti-tech speculations and the global pandemic, Apple continued to grow at a successful rate.
In 1975, Steve Jobs sold his Volkswagen microbus, and Steve Wozniak sold his Hewlett-Packard calculator to raise $1,350 as capital to start Apple Inc. This duo of College dropout wanted to change the way people viewed their computers. Jobs and Wozniak just wanted to make computers small enough for people to have them in their homes or offices.
The tenet of Jobs’s philosophy established a belief that computing should be easy and user intuitive. The culture of innovation and ease of use mantra has guided everything Apple has done in hardware, software, and even services. It is part of the DNA that was passed down from Steve Jobs and has been a major reason for Apple’s continued success even today.
To move your business away from your business is usually as stupid as it sounds, but that’s what Steve Jobs did. The key attribute of Apple’s success is taking risks. In 2001 desktops and laptops were 86% of Apple’s business. There was no other computer business because those markets didn’t exist yet. Instead of continuing their dominance in the market, Apple launched the iPod, which was decidedly not a PC, and that went on to sell over 400 million units. They then released the iTunes store for digital music, which is now the world’s largest music retailer.
Being profitable wasn’t just going to stop Steve Jobs. With the iPod’s launch, Apple delivered an integrated product that offered a seamless intersection of software and hardware. While it was still a rage, Steve Jobs launched the iPhone in 2007, which rendered an iPod useless. Today, the iPhone has completely replaced iPods, and the same is true, with almost all of Apple’s products.
What is important about this is that Apple’s management is all on the same page when it comes to executing Apple’s corporate vision and strategy. Unlike many other companies with multiple divisions that have many silos, some with their own objectives and visions, Apple’s entire management team and all of their divisions are constantly in sync. Apple went from being an 86% PC business in 2001 to a 9% PC business in 2019.
By the mid-2000s, it was evident to many that Tim Cook was being trained to take Steve’s place eventually. Since Jobs’s death, Tim Cook has successfully advanced the Apple way forward and added his style and touch to Jobs’s legacy.
Under Steve, Apple’s main focus always remained on technology innovation. Apple solidified its position as the leading technology innovators by constantly catering to the consumer’s demands and revolutionizing the way we see our devices today.
Through Tim Cook, you can still see Jobs’s legacy played out in most ways the company is still managed, and the direction Cook has led them in the last decade.
Although there aren’t any new significant technology innovations from the Apple think tank, Tim Cook has the ingredients for a post-mobile era. The Apple Watch and Airpods are amazing hardware that could be the gateway to a brilliant AI-powered cloud. They can be the product to completely replace the iPhone, instead of just being an iPhone accessory.
Under Tim Cook, Apple has followed a hard right policy, improving their supply chains and distribution network. It is no wonder that eleven after nine years of Steve Jobs’s death, Apple is a $2trillion company and has the potential of greater growth in the future.