Between 20, Apple sold more iPhones every single year than it did during the five years Jobs was in charge.įor some, the dollar signs alone are proof Cook has been a complete success. Q1 2011 $26.7 billion- Jon Erlichman January 27, 2021Īll of these numbers reflect how Cook’s Apple relentlessly pumped out premium products that consumers were eager to buy, steadily improving them year by year, at a pace Jobs’ Apple never did. How long ago did you start reading this story? Chances are Apple grossed half a million dollars by the time you finish this sentence. The company holds nearly $200 billion in cash, more than double the already-staggering $76 billion it had in 2011, and Apple has more than doubled in size with 147,000 full-time employees - compared to 60,400 the year Jobs stepped down.Īs of June 2021, Apple now makes an average of $10,000 every second, $3,600 of which is pure profit. Profits more than quadrupled from $6B in Q1 2011 to $28.8B in Q1 2021. Revenues reached a record $111 billion this holiday season, quadruple what the company saw the same quarter in 2011. It’s more profitable than Saudi Aramco, too.īy any metric imaginable, Tim Cook has grown Apple into a behemoth over the past decade. Even in 2019, when Saudi Arabia opened up state-owned oil company Saudi Aramco for trading, it didn’t dominate for long: Apple surpassed it last July on its way to a $2 trillion market cap, and Apple is approaching $2.5 trillion now.
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In August 2011, shortly before Jobs stepped down, Apple had already briefly passed Exxon to become the world’s most valuable publicly traded company, on the back of Tim Cook’s efforts as COO and interim CEO.
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And it’s because Tim Cook meticulously crafted the overseas supply chains to make it so, contracting manufacturers like Foxconn which employ hundreds of thousands of Chinese laborers for Apple’s production lines, and delivering a remarkably steady gross margin for years. Needless to say, Cook had some big shoes to fill: Jobs is remembered as the visionary CEO and marketer behind the Mac, iPhone, iPad, iPod, iTunes, and the App Store.Ī decade later, what has Tim Cook built? The most valuable and profitable company in the worldĪ company that turns a web of complex components into sophisticated computing devices now makes more money than those that effectively pump barrels of cash out of the ground.
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On August 24th, 2011 - ten years ago today - Apple co-founder Steve Jobs resigned as CEO, leaving the world’s newly minted most valuable brand in the hands of his successor Tim Cook.