When Tim Cook became Apple’s CEO in 2011, many people in Silicon Valley and on Wall Street thought the company’s glory days were over. They believed Steve Jobs was the irreplaceable genius behind Apple’s success, and without him, the company would struggle to stay on top. They were wrong.
Apple has transformed from a stock of about $350 billion when Cook took over as CEO in 2005 until now it is worth more than $4 trillion! Since 2005, Apple’s annual revenue has increased by 4x ; profits have also increased 4x . During this time, Apple also had enormous growth with both the iPhone and the successful introduction of the Apple Watch. In addition to the iPhone and the Apple Watch, in Cook’s 15 years at the helm of Apple, they have entered into new businesses such as credit cards, streaming television programming and various other services throughout the world.
Cook’s biggest achievement has been turning the iPhone into one of the best-selling products in history. When Steve Jobs died, Apple was selling about 72 million iPhones a year. Just two years later, Cook made a major deal with China Mobile, the country’s biggest wireless carrier. That single move helped Apple more than double iPhone sales almost overnight, and China quickly became its second-biggest market after the United States.
In 2018, Apple became the first company ever to reach a $1 trillion market value, fueled by the 10th-anniversary iPhone X — a sleek device with facial recognition, an edge-to-edge screen, and a $1,000 price tag that shocked many but paid off big time.
Then came the pandemic. With millions of people stuck at home and working remotely, demand for iPhones, iPads, and Macs exploded. Since then, Apple's value has increased by $1 trillion in about one year's time. Over one billion iPhones are currently active globally today, in addition to more than 650 million other active Apple products are currently available. The company continues to steadily grow. On average, consumers upgrade their iPhone every three years -- therefore when customers upgrade their phones, apple manufactures revenue not only through the selling of iPhones, but also through subsequent uses of Apple's app store (iPhone Apps), music purchases, cloud services, etc.
Apple may have lagged behind other companies in adopting the increasingly popular field of artificial intelligence; however, their profits and share price continue to increase. With Tim Cook stepping down as CEO and handing over control of the company to John Ternus (who has worked with Apple for several years as a hardware executive), it remains to be seen if this slow-and-steady growth will continue to be sufficient to justify Apple's enormous $4 trillion valuation in the rapidly changing market and technological landscape due to advancements made in artificial intelligence.
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