Apple becomes most profitable company in the world
FOX Business’ Susan Li and Constellation Research CEO Ray Wang discuss Apple’s business model.
This week marks Tim Cook's 10-year anniversary as Apple's chief executive officer — a decade filled with milestones, game-changing innovation and some controversies.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE, INC. | 149.62 | -0.09 | -0.06% |
Apple CEO Tim Cook speaks at the Apple Worldwide Developers Conference in San Jose, California, Monday, June 3, 2019. (AP Photo/Jeff Chiu) Prior to taking over the reigns of the tech giant, Cook served as Apple's chief operating officer, overseeing the company's worldwide sales and operations, including end-to-end management of its supply chain, sales activities, and service and support in all markets and countries. Cook also headed the Macintosh division, playing a key role in the development of "strategic reseller and supplier relationships." Before joining Apple, Cook held executive-level roles with Compaq, Intelligent Electronics and IBM. FOX Business takes a look back at the successes and controversies of Apple's past decade under Cook. APPLE EMPLOYEES LAUNCH WEBSITE TO COLLECT ACCOUNTS OF WORKPLACE DISCRIMINATION, HARASSMENT Cook's appointment came just a few months before his predecessor and Apple co-founder Steve Jobs passed away on Oct. 5, 2011, from pancreatic cancer. "Apple has lost a visionary and creative genius, and the world has lost an amazing human being," Cook said in a memo to employees at the time. "Those of us who have been fortunate enough to know and work with Steve have lost a dear friend and an inspiring mentor. Steve leaves behind a company that only he could have built, and his spirit will forever be the foundation of Apple." Cook vowed in the memo to honor Jobs' memory by "dedicating ourselves to continuing the work he loved so much." Under Cook's leadership, shares have soared over 1,000% while becoming the world's most profitable company and the first U.S. company to surpass a $2 trillion valuation. On June 24, Microsoft joined its rival in the $2 trillion valuation club as the only other company. In third quarter of 2021, Apple earned record June quarter revenue of $81.4 billion, up 36% compared to $59.6 billion a year ago. The company posted a quarterly net profit of $21.7 billion, or $1.30 per diluted share, versus a profit of $11.2 billion, or 65 cents per diluted share, a year ago. APPLE PUSHES BACK RETURN TO OFFICE UNTIL AT LEAST JANUARY: REPORT Apple chief financial officer Luca Maestri emphasized that the tech giant saw new revenue records in each of its geographic segments, double-digit growth in each of its product categories, and a new all-time high installed base of more than 1 billion iPhone devices. Apple's services revenue also reached a record $17.5 billion, up 33% year-over-year, with all-time records for cloud services, music, video, advertising, and payment services. The company now boasts over 700 million paid subscriptions across services on its platform, an increase of more than 150 million compared to last year. Though Steve Jobs is known for Apple's most prominent achievements, including iTunes and the original iPod, iPhone, iPad, and Mac, Cook has overseen new iterations of those products dating back to the iPhone 4S release in 2011. Meanwhile, completely new products rolled out by Cook in recent years include the Apple Card, Apple Watch, AirPods, and streaming service Apple TV+. NEW YORK, NY – SEPTEMBER 20: iPhone 11 and iPhone 11 Pro models are displayed as customers shop at Apple’s flagship 5th Avenue store on September 20, 2019 in New York City. Apple’s new iPhone 11 goes on sale today at the grand re-opening of the 5th Avenue store. (Photo by Drew Angerer/Getty Images) CLICK HERE TO READ MORE ON FOX BUSINESS Despite the successes, Apple hasn't been free from controversy under Cook. Back in 2017, Apple was ordered by the FBI to enter the phone of the San Bernadino shooter. Cook later came out against the move, arguing it would be "bad for America" and set a legal precedent that would offend many Americans. The FBI later withdrew its request and was able to access the phone with the help of a third party. One of Apple's most notable controversies are ongoing accusations that the company's App Store is engaging in anticompetitive behavior to maintain a monopoly over the app market. Fortnite creator Epic Games waged a legal war with the company last year after implementing an in-app payment system in its popular video game to avoid paying the tech giant a 30% commission fee. The company has also faced backlash from U.S. lawmakers as well as regulators in France and the European Union. Apple has pushed back against allegations, arguing that the App Store is an "unprecedented engine of economic growth and innovation" which supports more than 2.1 million jobs across the United States. In addition, a movement is growing among Apple employees, who announced on Tuesday that they are collecting accounts of workplace discrimination and harassment which will be used to demand systemic change from Apple's leadership. Source: Read Full Article
FILLING STEVE JOBS’ SHOES
APPLE RISES TO WORLD’S MOST VALUABLE COMPANY
INNOVATOR BUILDS ON LEGACY OF STEVE JOBS
Image 1 of 6APPLE’S CONTROVERSIES