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On August 24, 2011, Tim Cook took over from Steve Jobs as the permanent CEO of Apple. He's been in charge ever since.
So how's he doing after five years?
Apple's earnings report for the quarter that ended on June 30 beat Wall Street's expectations, sending the stock up about 7% after-hours. Apple is still the most valuable company in the world, and earns more profit in a quarter than most other tech companies do in a year.
But at the same time, Apple's revenue has started shrinking. Its most important product, the iPhone, is shrinking. All its other business lines, save one, are shrinking. And the company hasn't had a new hit product since Cook took over.
Let's go to the charts:
First, let's take a look at the stock price since Cook took over. It's up over 90%. That's a little better than the S&P 500, which is up 84% in the same time period. But in the five or so years before he took over, Apple stock rose a historic 460%, doing way better than the S&P.Yahoo Finance, Business InsiderAlso, Apple now pays a dividend. It did not before Cook took over. But Apple's cash hoard has also grown by about 3x since then, and now stands at over $230 billion.Business insider
Cook should also be commended for turning Apple into a company with a strong public conscience. He's made a huge commitment to turn Apple into a carbon-neutral company with actions like building massive solar plants, and has taken a public stance on social issues like gay rights. Steve Jobs never took those kinds of stands.Apple
But as far as the business itself goes, revenue growth has steadily fallen in the last five years, and went negative starting last quarter.BI Intelligence
Here's the big reason why: iPhone shipments. They started declining year-on-year in the fourth quarter of 2015 and have been negative on an annualized basis ever since.BI Intelligence
See the rest of the story at Business Insider
See Also:
- Apple is thinking long-term: R&D spending keeps rising even as revenue dips
- If Apple misses this key number, it means Tim Cook is misjudging his business
- 'There probably won't be too many positives': Here's what Wall Street expects from Apple earnings
SEE ALSO: The rise of Apple CEO Tim Cook, the world's most powerful business leader