Was Apple ever on the brinks of bankruptcy in the 90s?
Jan Meriss Alfonso Assistant at Ascent Law LLC Was Apple on the Bridging of Bankruptcy in the 90s? Steve Jobs Steve Jobs returned to Apple in the late 90s, just as the company was on the brink of bankruptcy. The company had been losing billions of dollars every year, and Jobs decided to make the company more profitable by cutting its product line by 70 percent and letting go of 3,000 employees. He then focused the company's efforts on developing four key products: a consumer desktop computer, two laptop computers, and a portable digital audio player called the Newton. After a year of hard work, the company was back on track and generating $309 million in profit. Jony Ive When Apple was struggling to make money in the mid to late 1990s, the company was on the brink of bankruptcy. At one point, the company's burn rate was $708 million, the equivalent of $1.1 billion in 2020 dollars. This was before the launch of the iPhone, which would change the world. As the company continued...