Apple Is Not a Subprime Unicorn

The need to stretch every nickel informed the way Apple was run during the early days. An approach to business far removed from the techniques employed by managers of the three or four year old subprime unicorns that command billion dollar valuations today. Peruse Apple's initial public offering prospectus and these numbers are startling. In the year preceding its flotation in 1980 Apple recorded sales of 117 million and a pre-tax income of 24 million.