In 2007 Steve Jobs stood on stage with the first iPhone in his hands and declared that the device was going to change the world. Just over 10 years on, the various iterations of the iPhone have generated over $750 billion in revenue. With the iPhone 8 released in 2017, the overall revenues generated will only keep increasing.
Given that Apple enjoys profit margins of over 30% on each device and over 1.2 billion handsets have been sold globally in the last decade, this has helped the company increase its stock market value from $100 billion in 2006 to over $814 billion. Profits have increased by an even greater percentage — up from $3.5 billion to over $45 billion in that time. The company has managed to maintain its dominant position within the market, with brand loyalty from customers and remarkably price-and income-inelastic demand, which has ensured that the prices of Apple products remain at the top end.
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