IT industry is ever-evolving and extremely competitive, keeping even the most influential players in the market on the hot seat, posing newer challenges each day. Newer Technologies, economic disruptions, and competitive spree from the archrivals, many companies have arrived and disappeared in the IT markets. Even the largest of organizations and the biggest of brands have had stories of failures and comebacks.
Impressive Comebacks By Tech Companies Rewriting Success Story
Here are some of the most impressive turnaround stories for tech players of the IT industry
Users love sharing news and have candid discussions on Reddit, which makes the website an utterly refreshing platform. Reddit has hundreds of millions of active users who carry out studies on a variety of subjects. However, there was a time when the website struggled to get any users.
Founded in 2005, the site had literally zero visitors initially. The founders then decided to use fake accounts and portray fake discussions on the website to attract visitors. Slowly the right traffic started coming in, and the site became extremely popular in the US. A renowned media house Conde’ Nast acquired Reddit to add to its conglomerates of other websites/media like Vanity Fair, The New Yorker, and Vogue. Eventually, Reddit became hugely successful voicing the sixth most visited website in the world and fourth in the US.
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An Apple iPhone, Mac Computer, iPod, iPad, these are some of the names that reflect luxury, class, and durability when it comes to high-class gadgets. Apple has become synonymous with high-end tech consumers able while the company has taken many leaps and bounds in the market.
Apple means success. However, the company has seen its bad days, and the Apple turnaround story is one of the most revered ones. In 1985 Steve Jobs left the company, and the competitors like MS Windows etc. had captured the PC market with low priced offerings.
For 12 long years, Apple struggled to resurrect its lost glory, facing decreased sales and popularity until 1997 when Steve Jobs rejoined Apple. The tech giant came back with redoubled force after rebranding itself, introducing iMac technology. The 300 Billion dollar revenue company now stands tall in the technology markets, where its products and services are highly valuable.
Evernote is a popular app to take quick notes, organize tasks, and make lists for faster work. The company was founded in 2008 by Stepan Pachikov. The app struggled to make a mark for itself initially; the founder was so sure of its failure that he decided to shut the company.
However, the company received some funding from an overseas investor who gave Evernote a second chance into the game. Evernote managed to prove itself as a utility app and later attracted more than hundreds of millions of dollars in funding and boasts of more than 20 Million users. Today, it is one of the most-used apps and software for taking notes and organizations.
AMD or Advanced Micro Devices was going through turbulent times and was under massive debt leading towards bankruptcy at a time. The semiconductors giant was unable to cope with the changing technology and cutthroat competition from archrivals like Intel etc. However, CEO Lisa Su became the author of the company’s most impressive Comeback stories, which is now looked upon as a success case study in the tech markets. Su joined AMD in 2014 when the company stock was at an all-time low.
Lisa Su took the challenge of betting on her influential tech and leadership skills. As the top executive, she took significant decisions and some strategically bold steps with long term vision to bring the company back. As a smart and thoughtful leader, Su understood the company’s strength and then decided to work on the areas to ring something significant to the market.
The company started delivering technology and sensors for IoT machines, mobile phones, something entirely outside its core areas. ‘Slowly AMD started to turnaround the tables while its archrival Intel struggled to move ahead in the chip innovation as the technology evolved.
AMD sustained with extremely able execution under Lisa Su guidance, while Intel sputtered on the way forward.
In 2007, Michael Dell took back the CEO of the company founded by him in 1984 when it was facing the lowest time succumbing to rapidly changing markets, overpowering competitors, and reduced industry hold. Dell was on a path to the disaster at a point of time, however with the right strategies company was able to come back, seemingly creating an everlasting example of turnaround stories that the market researchers study even now.
Dell went private, outsourced most of its manufacturing operations, and cut costs to manage its business.