Apple is now worth over $1 trillion — here are 9 people who were convinced the iPhone would be a major flop (AAPL)

By: Business Insider

August 28, 2018 at 16:10 PM EDT

Alessia Pierdomenico / Reuters

Earlier this month, Apple became the first American company with a market cap over $1 trillion.

That was mostly due to the iPhone, possibly the most profitable product in modern history.

Last year, Apple sold over 216 million iPhones.

Obviously, it's a major hit — it basically mints money for Apple, now the most valuable company in the world.

But when it first came out, there were a lot of people who didn't think it was all that great. In fact, some people thought the iPhone was going to be an outright flop.

Here are some of those doubters and skeptics:

Steve Ballmer, then Microsoft's CEO: "There's no chance that the iPhone is going to get any significant market share. No chance."Mike Segar/Reuters

The Microsoft CEO at the time made the claim to USA Today.

Richard Sprague, then-Microsoft senior director: "I can’t believe the hype being given to iPhone. I just have to wonder who will want one of these things (other than the religious faithful.)"REUTERS/Yuya Shino

Source: Microsoft blog via Daring Fireball

Three years later, Microsoft held a funeral for the iPhone when it launched a new version of Windows Phone.Flickr/trioculus

More details about the Microsoft stunt here.

Jim Balsillie, then RIM's co-CEO: "It’s kind of one more entrant into an already very busy space with lots of choice for consumers. But in terms of a sort of a sea-change for BlackBerry, I would think that’s overstating it."Kamran jebreili/AP

Source: Reuters.

Jon Rubinstein, then a top Apple executive, later Palm's CEO: "Is there a toaster that also knows how to brew coffee? There is no such combined device, because it would not make anything better than an individual toaster or coffee machine."Getty

Rubinstein gave this quote in late 2005, six months before he left Apple. He went to head Palm, which was crushed by the iPhone before it was sold to HP.

See the rest of the story at Business Insider