Apple Became World's Most Valuable Company Seven Years Ago Today, Two Weeks Before Steve Jobs Resigned as CEO

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Aug 9, 2018.

  1. MacRumors macrumors bot

    MacRumors

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    Today marks the seventh anniversary of Apple passing U.S. oil giant ExxonMobil to become the world's most valuable company for the first time, with a market capitalization of around $341.5 billion at the time.

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    Apple achieved the milestone on August 9, 2011, just over two weeks before the late Steve Jobs resigned as CEO on August 24, 2011, the same day that he nominated then-COO Tim Cook to succeed him in the position. Jobs passed away on October 5, 2011, following a lengthy battle with cancer.

    Apple dropped back below ExxonMobil a few times, and was briefly surpassed by Google parent company Alphabet in market cap at times in 2016, but the iPhone maker has been the world's most valuable company for the better part of the past seven years, and continues to hold that title today.

    Apple becoming the world's most valuable company was a remarkable accomplishment given that it flirted with bankruptcy in the mid-to-late 1990s, until Jobs returned and streamlined its product lineup. Under his leadership, Apple introduced several hits, including the iMac, iPod, iPhone, and iPad.

    Apple has continued its success under Cook, becoming the first publicly traded U.S. company worth a trillion dollars last week, shortly after reporting record-breaking $53.3 billion revenue in the third quarter of the 2018 fiscal year. Apple's stock has appreciated over eight percent since the results came out.

    Apple will look to build upon its success by expanding its focus on technologies such as augmented reality, autonomous driving, and artificial intelligence, in addition to services like Apple Music and its upcoming Netflix competitor.

    Article Link: Apple Became World's Most Valuable Company Seven Years Ago Today, Two Weeks Before Steve Jobs Resigned as CEO
     
  2. Cosmosent macrumors 6502

    Cosmosent

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  3. macduke macrumors G3

    macduke

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    Steve Jobs was great.

    Today's Apple is okay, but could be better. I wish they would stop chasing dollars at the expense of the customer experience sometimes.
     
  4. meaning-matters, Aug 9, 2018
    Last edited: Aug 9, 2018

    meaning-matters macrumors 6502

    meaning-matters

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    #4
    Great memories of Steve Jobs.

    (I admit to have watched Steve's Macintosh and iPhone introduction videos yesterday. I watch something every few weeks. It's like great movies you can watch over and over and over again without being bored.)
     
  5. 12643 macrumors newbie

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    #5
    Still would kill the company to put SSD’s in all of their computers, though.
     
  6. Joe Rossignol Editor

    Joe Rossignol

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    #6
    It makes me happy that Steve Jobs was able to see this happen in his lifetime.

    But I also admittedly question how I can be happy for someone who denied being the father of his first-born daughter for quite a while. It's a shame.
     
  7. Totemsflare macrumors newbie

    Totemsflare

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    #7
    I’m sure he’s not a fan of yours anyway.

    He’s every company’s dream CEO. Haters are going to hate.
     
  8. The Mercurian macrumors 68000

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    #8
    Ehhh... woop woop ?? or something :confused:

    I don't know why such things matter to people but, this is really more of a macfact than a macrumour in any case!
     
  9. Dilster3k macrumors 6502a

    Dilster3k

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    #9
    So poetic, I'd argue that the iPhone 4 was his 9th symphony and gift to the world.
     
  10. BornAgainMac macrumors 603

    BornAgainMac

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    #10
    What do you think would have happened if Cook took over Apple when it was near bankruptcy in the late 1990s?
     
  11. macduke macrumors G3

    macduke

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    Yeah, that part was not great about him. At least he tried to make up for it later. My dad was just terrible to me my entire life, so I try to look on the bright side. My wife's father was even more abusive. Lots of terrible dads out there so I tend to cut someone some slack if they work at it and become a better person. Kinda sad that we start at such a low baseline.
     
  12. rodpascoe macrumors regular

    rodpascoe

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    Very likely the same as happened under Jobs. People love to hate on Cook because some facet of Apple doesn't fit their personal take on what they want from the company.

    The fact is the man is extremely good at running Apple and the company has become more successful / profitable under his leadership than it did even under Jobs.
    --- Post Merged, Aug 9, 2018 ---
    Sorry to hear that dude.
     
  13. yesjam macrumors regular

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    #13
    Hard to believe it's been seven years. That it seems like much shorter is a testament both to the influence of Steve Jobs, which continues to this day and will undeniably continue for years to come, and the ability of Tim Cook, who took over one of the most closely scrutinized job positions in the entire tech industry and has, all things considered, performed remarkably.
     
  14. TimmeyCook Suspended

    TimmeyCook

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    #14
    That means... 7 years of "insightful journalists" and "analists" telling us that Apple doesn't deserve to be there, and Apple is going to fall... this time...
     
  15. TheTruth101 macrumors regular

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    #15
    Not at all. The only thing is that... it could have been worse. Apple just got better in marketing and moving the money. A total fails in innovation, support and everything else. Basically, they heritage some assets and they have been milking those assets to death.
     
  16. deadlystriker macrumors regular

    deadlystriker

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  17. macduke macrumors G3

    macduke

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    It's ok. I just edited the post to include my wife's father as well. I'm a much more happy and successful person since I cut him off a couple years ago. The change has actually been incredibly remarkable. Being a good dad is hard work. I have to put in effort every day to find things to do with my kids and be a part of their lives. It helps that I'm in a better financial situation than my parents were in since my mom would spend every dime my dad made with her shopping addiction. This means I only have to work 40 hour weeks. I'm as successful now as I ever want to be because I'm able to provide for my family and spend time with them.
     
  18. yeah macrumors 6502a

    yeah

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    #18
    Not when you are leading and encouraging a team of engineers who are designing expensive products and subpar software. Just look at the iOS 11 and MacOS High Sierra fiasco.

    Another poster on this thread is right. They are sometimes more involved in getting their extra penny than refining and testing their products.
     
  19. adamjackson macrumors 65816

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    #19
    Steve was not perfect.
    Steve did not single-handedly do anything at Apple. It's always been a team effort

    but damn do I miss him. ...and not in comparison to Cook who I think has done a fine job overall. We could have a Sculley or Amelio type so be thankful for that. Tim loves Apple and lets each one of his reports do what they think is right and while they don't always do the right thing for the company or the consumers, Tim doesn't hesitate to fire someone and take responsibility for the screw-up. He's a good manager, a good operational expert and he cares deeply about Apple.

    Tim is not Steve but just like Steve is not anything like Woz. That's what makes each of these people great in their own right.

    No one knows what Apple would be today if Steve were still running the show. I still really miss him.

    To the Apple Board of Directors and the Apple Community:

    I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come.
    I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

    As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

    I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

    I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.

    Steve

    This still brings a tear to my eye.
     
  20. LordVic macrumors 601

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    #20
    gotta stop using "market cap" as a benchmark for a companies "Value"


    there's no real world relevance to it. Apple itself is not worth on it's own balance sheets as market cap since market cap implies future estimation based on the Trading of it's stock.

    it's cool if you're an investor and has relevance if you trade. But for Apple itself AND us as consumer, Market cap is completely, utterly irrelevant and meaningless
     
  21. Mosey Potter macrumors newbie

    Mosey Potter

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    #21
    My question is, did Steve partake in the stock buybacks that Apple has been pursuing recently to artificially inflate it's market cap? Cuz you know the top brass make good coin based on the so-called market cap valuation. Some in the finance world estimate that Apple's stock is worth 41% more than it should due to this questionable practice, which, as I understand it, puts money into executive's pockets while keeping money out of the rank and file worker's paycheck. My guess is that Steve Jobs would have nothing to do with this practice. But then, he only worked for a dollar a year.

    "Apple said it would buy back an additional $100 billion in stock, by far the largest increase in its already historic record of returning capital to investors. The company didn’t provide a timeline for the repurchases. Apple also increased its dividend by 16 percent to 73 cents a share, pushing past Exxon Mobil to become the largest dividend payer, according to S&P Dow Jones Indices.

    Apple’s stock buyback fits into a broader trend of companies using the financial windfall from President Trump’s tax cut to reward shareholders. Share buybacks, which are reaching record levels, are great for investors, including executives and employees, because they reliably lift stock prices by limiting the supply of shares for sale.

    But critics say the actions can take money away from potential investments in hiring or research and development, and can increase economic inequality because they typically benefit wealthier people.
    Investors should want companies to reinvest in themselves and their employees versus repurchasing their own stock to increase the share price, said William Lazonick, an economics professor at the University of Massachusetts, Lowell, who studies stock buybacks. “It’s nothing but a manipulation of the stock market.” –NYT, May 1, 2018, story titled "Apple says it will buy back $100 Billion in Stock
     
  22. rodpascoe macrumors regular

    rodpascoe

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    #22
    That's great to hear, I love being a dad but you're right, finding things to do can be hard but you know what? Sometimes the best days we have is when my son and daughter just chill with me. Quality time and all that :)
     
  23. TimmeyCook Suspended

    TimmeyCook

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    #23
    Yep!

    I remember when Steve was alive and reading everywhere that Apple was only Apple because of Wozniak, and nothing on Steve Jobs.

    Also, because of Jony Ive, I've read a lot that Apple product only sold because they were pretty.

    Anything but the sheer effort of the engineers that work in an a good environment.
     
  24. Guy Clark Suspended

    Guy Clark

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    #24
    Hell of a lot of Tim Cook back patting going on here but this is a timely reminder that even after his passing Steve Jobs remains the KING of Apple.
     
  25. theheadguy macrumors 65816

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    california
    #25
    no, he’s not.
     

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