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Apple Inc. the Steve Jobs Effect MarketLine Case Study Apple Inc. The Steve Jobs Effect Reference Code: ML00001-080 Publication Date: February 2012 WWW.MARKETLINE.COM MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Apple Inc.: The Steve Jobs Effect ML00001-080/Published 02/2012 © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1 OVERVIEW Catalyst In 2009, Steve Jobs, co-founder of Apple, was named CEO of the decade by Fortune Magazine. This case study will examine the effect that Steve Jobs had on the company and, following his death in October 2011, will question how the company will cope with the loss going forward. Summary Steve Jobs and Steve Wozniak founded Apple Computer in April 1976 with the creation and release of Apple I. The company became incorporated in January 1977. The early Apple computers showed Steve Jobs' innovative flair. The Apple I proved Jobs’ determination to succeed, while the Apple II was the company’s first computer aimed at the mass market. Amid unsuccessful product launches, a power struggle ensued within the company and led to the resignation of Steve Jobs in 1985. Away from Apple, Jobs continued to succeed, with the acquisition of the visual effects company Pixar. He also went on to found NeXT Inc., a company that manufactured computers designed for the higher education market and, later, the business market. The foundation of NeXT Inc. paved the way for Jobs’ return to Apple. Jobs became CEO of Apple in 1997, following the company’s acquisition of NeXT Inc. The NeXT operating system became the foundation for modern Macintosh computers. Under the leadership of Jobs, Apple transformed from a computer company to a consumer electronics company with the launch of innovative products such as the iPod and iPhone. Steve Jobs' unique leadership style and hands-on approach to running Apple has been widely analyzed. This style of leadership led to him being named Fortune Magazine’s CEO of the decade at the end of 2009. The company grew rapidly under Jobs, with this being reflected in the company financials and Apple's brand value. Following ill health, Steve Jobs resigned from the CEO post in August 2011. Hours after the announcement, Apple shares dropped by 5%. Steve Jobs died on October 5th, 2011. Apple Inc.: The Steve Jobs Effect ML00001-080/Published 02/2012 © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2 TABLE OF CONTENTS Overview ............................................................................................................................................................................... 2 Catalyst.............................................................................................................................................................................. 2 Summary ........................................................................................................................................................................... 2 Analysis................................................................................................................................................................................. 5 Steve Jobs and Steve Wozniak created Apple Computer in 1976 ....................................................................................5 Early innovations highlighted Steve Jobs' determination to succeed.............................................................................5 Steve Jobs left the company in 1985 .............................................................................................................................5 Steve Jobs returned to the company and became CEO of Apple .....................................................................................6 Jobs announced a partnership with Microsoft................................................................................................................6 Numerous product innovations followed the return of Steve Jobs to the company .......................................................6 Steve Jobs was made Fortune Magazine’s CEO of the decade in 2009.......................................................................8 Apple Inc. grew rapidly under Jobs ...................................................................................................................................9 Apple were trading at a loss prior to Jobs’ return to the company .................................................................................9 Net profit increased following Jobs’ return to the company .........................................................................................10 Apple Inc.’s brand value has increased under Steve Jobs ..........................................................................................11 Steve Jobs became an icon of the company...................................................................................................................12 Conclusions......................................................................................................................................................................... 13 What Implications will Steve Jobs' death have on Apple Inc.? ........................................................................................13 Appendix ............................................................................................................................................................................. 14 Definitions........................................................................................................................................................................ 14 Sources ........................................................................................................................................................................... 14 Further Reading............................................................................................................................................................... 14 Ask the analyst ................................................................................................................................................................ 15 About MarketLine ............................................................................................................................................................15 Disclaimer........................................................................................................................................................................ 15 Apple Inc.: The Steve Jobs Effect ML00001-080/Published 02/2012 © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3 TABLE OF FIGURES Figure 1: iMac G3 (1998) ......................................................................................................................................................6 Figure 2: Apple revenue breakdown for fiscal year 2011 (year-end September)..................................................................7 Figure 3: Apple Inc. net profit/loss 1992–2000 (year-end September) ($m) .........................................................................9 Figure 4: Apple Inc. net profit 1998–2000 (year-end September) ($m) ..............................................................................10 Figure 5: Apple Inc. net profit/loss 2001–11 (year-end September) ($m) ...........................................................................10 Figure 6: Brand value of Apple Inc. 2006–11......................................................................................................................11 Apple Inc.: The Steve Jobs Effect ML00001-080/Published 02/2012 © MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4 ANALYSIS Steve Jobs and Steve Wozniak created Apple Computer in 1976 Steve Jobs and Steve Wozniak founded Apple Computer in April 1976 with the creation and release of Apple I. The company became incorporated in January 1977. Early innovations highlighted Steve Jobs' determination to succeed The original Apple computer, the Apple I, was designed by Steve Wozniak, with Steve Jobs suggesting that it could become a marketable product. Jobs contacted a local computer store, Byte Shop, which ordered 50 of the machines, on the condition that it came fully assembled. Jobs, in a display of his enthusiasm for the product, ordered the components required to construct the Apple I computer promising to pay suppliers on time with the money they would earn from the purchase order. Jobs and Wozniak delivered the computers on time, paid the suppliers and had profit left over. Jobs and Wozniak went on to gain the backing of A. C. Markkula who lent them $250,000 to form Apple Computer on April 1st, 1976. In 1977, Jobs and Wozniak introduced the Apple II; a computer aimed at the mass market. This became one of the first successful lines of personal computers, with the company’s sales increasing from $2 million in 1977 to $600 million in 1981, the same year that Apple went public. By 1983, Apple Computer was listed in the Fortune 500; the fastest a company had ever joined the list. Not all of the early innovations were quite so successful, with the Apple III and Lisa computers, introduced in 1980 and 1983, respectively, failing to make an impact on the commercial personal computer market. However, in 1981 Jobs and a small number of Apple engineers began to work on a new project, the Macintosh. This was launched in January 1984
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