Founded in 1976 by Steve Jobs, Steve Woznik and Ronald Wayne in a garage in California. Apple now has record-breaking profits and enough money to buy most of the worlds biggest companies. Apple holds $178 billion, and although bigger than Intel and Amazon, Apple is smaller (possibly surprisingly) than both Google and Facebook. 

Record iPhone sales have reported Apple profits of $10.7bn (£6.9bn) on revenues of $49bn (£31.5bn) in the past three months. This comes as iPhone sales have been increasing through April to June when they would typically slow off in anticipation of the new handsets released in autumn. In addition to this, a quarter of the companies’ revenue has come from China, which is an amazing result as it’s a market, which Apple found difficult to succeed in, in recent years.

Apples key to profit dominance lies in comparably higher prices to their competitors and even though Apple Mac only accounted for around six of every one hundred computers sold, they still captured more than half of industry profits in 2014, according to Bernstein Research.

“The dominance of Apple is something that is very hard to overcome,” - Denny Strigl, former chief operating officer of Verizon Communications Inc.

The launch of Apple Music is a big step for the company diversifying it’s music offering and has been coupled with the launch of their new radio station, ‘Beats 1’. The move to release a streaming/radio service offers us a glimpse into Apples future. Showing us how easily it can operate outside of it's core hardware business. Though even though Apple has had a successful affiliation with the music industry since the iPod release in 2001, competitors don’t appear to be quaking in their boots as it was predicted. Google and Samsung announced before Apple music was even launched that they would be taking on the corporate giants new streaming service and radio station by offering six-months free music streaming to anyone who buys one of Samsung’s latest smartphones. Though all this hysteria has been somewhat exaggerated and Spotify and Google Play aren't out of business or losing customers at an alarmingly fast rate. 

However, that being said, it is only a month old, so I think it's a case of watch this space...

Apple Pay launched this month, however their UK launch was spoilt by lackluster support from some of the major UK banks. HSBC was one of the most noticeable missing from the list that have since joined and Lloyds are promising to support Apple Pay this autumn. Barclays, Halifax, TSB and Bank of Scotland are still missing from the list of supporters with no confirmed dates to join the Apple Pay system. The UK has been getting used to using contactless payments for a while now and in 2014 the use of them was up 255%. Transport for London is the most used for Apple Pay with Pret a Manger coming in second. According to Brandwatch, the feelings associated with Apple Pay use with TfL were almost equally positive and negative, whereas Pret gained more positive responses.

Apple started in 1976 with three men in a garage developing and selling the Apple I personal computer kit. No one could have predicted how significant that was, or the global success it has led to. Electric vehicles are on the cards for Apple and according to the Sydney Morning Herald, Apple wanted to start producing an electric car with autonomous driving as soon as 2020.

Apple have come a long way in the last 40 years, image what the next 40 will bring, or at the rate at which they develop, even the next 10!

Written by

Katherine Thomson