“Apple Has A Spectacular Year”

Never before has this venerable company, which at age 34 is a grizzled veteran by Silicon Valley standards, stood so firmly atop the high-tech industry. Earlier this year, Apple’s market capitalization surpassed that of Microsoft, making it the most valuable property in the tech universe. And during its just-completed fiscal year, it broke four consecutive quarterly revenue and profit records. Amid the worst recession in decades, Apple hired thousands while others cut jobs.

The key point:

Apple’s innovation is not only relentless but also ruthless. No company is more willing to kill its own babies. Rather than wait for competitors to draw the knife, co-founder and CEO Steve Jobs does the deed himself.