July 15, 1998: In its report, Apple marks the end of the third quarter with a profit, after the return of Jobs, which was a turning point in the company’s financial condition.
The company posted a quarterly profit of $101 million, thanks to the success of Power Mac G3 sales, although a year earlier its report showed a loss for the same quarter of more than $56 million. In the past three years, Apple has made a profit for the first time in three consecutive quarters.
As CEO of Apple, Steve Jobs set goals to increase the company’s profitability. He was aggressive enough to cut costs by removing non-working products, cutting back on the number of employees and spending on research and development.
Apple’s return to success
Apple’s return to profitability was first announced by Steve Jobs at Macworld Expo in January, noting that the tough strategy paid off. Much of Apple’s success was due to the successful release of the Power Macintosh G3 computer in late 1997, which sold 750,000 units in six months.
Despite the stunning results, this was just the beginning for Apple, and the company still needed to release hit products. Luckily, the bright, translucent iMac G3 soon followed, and was released on August 15, 1998. This helped Apple leave failure forever in the past and turn history towards success.
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