Claim: Apple was founded to develop and sell personal computers and has since become very profitable.

Apple Inc. is an American multinational technology company headquartered in Cupertino , California that designs , develops , and sells consumer electronics , computer software , and online services . The company 's hardware products include the iPhone smartphone , the iPad tablet computer , the Mac personal computer , the iPod portable media player , the Apple Watch smartwatch , and the Apple TV digital media player . Apple 's consumer software includes the macOS and iOS operating systems , the iTunes media player , the Safari web browser , and the iLife and iWork creativity and productivity suites . Its online services include the iTunes Store , the iOS App Store and Mac App Store , Apple Music , and iCloud .   Apple was founded by Steve Jobs , Steve Wozniak , and Ronald Wayne in April 1976 to develop and sell personal computers . It was incorporated as Apple Computer , Inc. in January 1977 , and sales of its computers saw significant momentum and revenue growth for the company . Within a few years , they had hired a staff of computer designers and had a production line . Apple went public in 1980 to instant financial success . Over the next few years , Apple shipped new computers featuring innovative graphical user interfaces , and Apple 's marketing commercials for its products received widespread critical acclaim . However , the high price tag of its products and limited software titles caused problems , as did power struggles between executives at the company . Jobs resigned from Apple and created his own company . As the market for personal computers increased , Apple 's computers saw diminishing sales due to lower-priced products from competitors , in particular those offered with the Microsoft Windows operating system . More executive job shuffles happened at Apple until then-CEO Gil Amelio in 1997 decided to buy Jobs ' company to bring him back . Jobs regained position as CEO , and began a process to rebuild Apple 's status , which included opening Apple 's own retail stores in 2001 , making numerous acquisitions of software companies to create a portfolio of software titles , and changed some of the hardware technology used in its computers . It again saw success and returned to profitability . In January 2007 , Jobs announced that Apple Computer , Inc. would be renamed Apple Inc. to reflect its shifted focus toward consumer electronics , and announced the iPhone , which saw critical acclaim and significant financial success . In August 2011 , Jobs resigned as CEO due to health complications , and Tim Cook became the new CEO . Two months later , Jobs died , marking the end of an era for the company .   Apple is the world 's largest information technology company by revenue , and the world 's second-largest mobile phone manufacturer after Samsung . In February 2015 , Apple became the first U.S. company to be valued at over US$ 700billion . The company employs 116,000 full-time employees and maintains 496 retail stores in 21 countries . It operates the iTunes Store , which is the world 's largest music retailer . , more than one billion Apple products are actively in use worldwide .   Apple 's worldwide annual revenue totaled $ 215billion for the 2016 fiscal year . The company enjoys a high level of brand loyalty and has been repeatedly ranked as the world 's most valuable brand . However , it receives significant criticism regarding the labor practices of its contractors and its environmental and business practices , including the origins of source materials .