Exactly 21 years ago, on June 27, 1997, the worst financial quarter in the history of the Cupertino company ended. Apple suffered a whopping $56 million in losses, adding to the California giant's total loss of $1,6 billion during CEO Gil Amelia's tenure. On that day, June 27, 1997, the 500-day period in which Amelio ruined the apple company ended.
During Amelio's tenure, almost every penny that Apple earned since fiscal 1991. Just one day before the end of the fiscal quarter, on June 26, 1997, the company's stock suffered another major blow. One anonymous party, later revealed to be Steve Jobs, sold 1,5 million shares. "I basically gave up hope that the leadership App"lu will do something," Jobs said. "I didn't think the stock would go up."
You might be interested in
However, Amelio's rise to CEO was viewed positively in the mid-1990s. He rejected a buyout by Sun Microsystems and announced the licensing of the Mac OS operating system to third-party vendors, which was one of the most fundamental and worst steps Amelio took during his time at the company. Unfortunately, a number of cheap Macintosh clones were released, which also affected the company's share of Applu on the market at that time. In koneThe result was Apple forced to lay off around 3 employeesancat.
When it emerged that the quarter had ended with a loss of $27 million on June 1997, 56, Amelio admitted his mistakes and resigned.
You might be interested in
During his tenure in AppAmelio received $1,4 million in bonuses and $3 million in other bonuses. He was also granted significant stock options and borrowed from Applu $5 million with a low interest rate. Apple he also paid for a private jet for him.
Gallery
V AppAfter the worst quarter in history, Apple turned things around. Although the company was on the verge of bankruptcy, Jobs managed to pull it out of the worst. After Amelia left, he took over as interim CEO. A year later, in the spring, at the MacWorld conference, he announced that Apple achieved quarterly revenue of $45 million. For fiscal year 1998, he did Apple earning a respectable $309 million.
