Apple Becomes First Company to be Worth $700 Billion
Ryan Simmons / 2 years ago
Late yesterday, during Tim Cook’s talk at the Goldman Sachs Technology and Internet Conference, the CEO was informed that Apple had just become the most valuable company in history, reaching a $700 billion market cap for the first time.
This news follows Apple’s announcement that it had the most profitable quarter of any company in history. The company sold 74.5 million iPhones in the last quarter – 30,000 per hour, producing an overall $18 billion profit for the company.
It’s pretty incredible to think that, in 1997, 18 years ago, Apple was 90 days away from bankruptcy with its then terrible CEO Gill Amelio. “Bozo” Amelio, as Jobs called him, was soon to be ousted after exactly 500 days at the company, when Steve Jobs returned upon the purchase of his company, NeXT, in the last few days of 1996. At that point Apple was losing billions, but it didn’t take all too long for Jobs to bring the company back into the black, thanks to the iMac and the iPod.
What a different story it is today.