Steve Jobs

1801 WordsOct 8, 19998 Pages
Steve Jobs Born 1955 Los Altos CA; Evangelic bad boy who, with Steve Wozniak, co-founded Apple Computer Corporation and became a multimillionaire before the age of 30. Subsequently started the NeXT Corporation to provide an educational system at a reasonable price, but found that software was a better seller than hardware. Steven Paul, was an orphan adopted by Paul and Clara Jobs of Mountain View, California in February 1955. Jobs was not happy at school in Mountain View so the family moved to Los Altos, California, where Steven attended Homestead High School. His electronics teacher at Homestead High, Hohn McCollum, recalled he was "something of a loner" and "always had a different way of looking at things." Going to work for Atari…show more content…
Jobs encouraged independent programmers to invent applications for Apple II. The result was a library of some 16,000 software programs. Quickly setting the standard in personal computers, the Apple II had earnings of $139,000,000 within three years, a growth of 700 percent. Impressed with that growth, and a trend indicating an additional worth of 35 to 40 percent, the cautious underwriting firm of Hambrecht & Quist in cooperation with Wall Street's prestigious Morgan Stanley, Inc., took Apple public in 1980. The underwriters price of $22 per share went up to $29 the first day of trading, bringing the market value of Apple to $1.2 billion. In 1982 Apple had sales of $583,000,000 up 74 percent from 1981. Its net earnings were $1.06 a share, up 55 percent, and as of December 1982, the company's stock was selling for approximately $30 a share. Over the past seven years of Apple's creation, Jobs had created a strong productive company with a growth curve like a straight line North with no serious competitors. From 1978 to 1983, its compound growth rate was over 150% a year. Then IBM muscled into the personal computer business. Two years after introducing its PC, IBM passed Apple in dollar sales of the machines. IBM's dominance had made its operating system an industry standard which was not compatible with Apple's products. Jobs knew in order to compete with IBM, he would have to make the Apple compatible

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