Back in 2000, Palm was worth more than Apple, Amazon, Google, and Nvidia,
Combined. 😱
Their story is one of the wildest stories in the history of technology.
🧵THREAD🧵
Combined. 😱
Their story is one of the wildest stories in the history of technology.
🧵THREAD🧵
✋🏿Palm, Inc. was an American company that pioneered the personal digital assistant (PDA) market with the iconic PalmPilot in the 1990s.
✋🏿With features like a calendar, address book, and memo pad, this innovative PDA was small, simple to use, and quickly became a must-have for business people and tech enthusiasts.
✋🏿The company also developed its own operating system - Palm OS - known for its intuitive interface and efficient use of memory.
🟢This attracted numerous device manufacturers who licensed Palm OS for their own PDAs, further expanding Palm's reach.
🟢This attracted numerous device manufacturers who licensed Palm OS for their own PDAs, further expanding Palm's reach.
✋🏿And the reach was insane.
🟢Palm had reached its zenith of success by 2000.
🟢After selling more than 30 million PalmPilot series devices, the company's market valuation shot up to $58 billion, outpacing that of Apple, Amazon, Google, and Nvidia.
🟢Palm had reached its zenith of success by 2000.
🟢After selling more than 30 million PalmPilot series devices, the company's market valuation shot up to $58 billion, outpacing that of Apple, Amazon, Google, and Nvidia.
✋🏿Yet, it failed miserably.
🟢As smartphones with touchscreens and internet access began to emerge, Palm struggled to keep up.
🟢The company's reliance on physical buttons and its slowness to embrace new technologies led to a decline in market share.
🟢As smartphones with touchscreens and internet access began to emerge, Palm struggled to keep up.
🟢The company's reliance on physical buttons and its slowness to embrace new technologies led to a decline in market share.
✋🏿By the mid-2000s, Palm's revenue and stock price plunged.
🟢Despite attempts to regain market share with devices like the Treo and Centro smartphones, the company was unable to compete with the likes of Apple and Blackberry.
🟢Despite attempts to regain market share with devices like the Treo and Centro smartphones, the company was unable to compete with the likes of Apple and Blackberry.
✋🏿In 2009, Palm was acquired by Hewlett-Packard for $1.2 billion.
🟢HP's efforts to revive the Palm brand were unsuccessful, and the company was eventually discontinued in 2010.
🟢HP's efforts to revive the Palm brand were unsuccessful, and the company was eventually discontinued in 2010.
✋🏿The crazy part?
🟢In 2000, Donna Dubinsky, a co-founder of Palm, made the infamous statement, "In five years, Apple will sell fruit."
🟢This turned out to be ludicrously wrong because, seven years later, Apple unveiled the iPhone, which completely changed the mobile market.
🟢In 2000, Donna Dubinsky, a co-founder of Palm, made the infamous statement, "In five years, Apple will sell fruit."
🟢This turned out to be ludicrously wrong because, seven years later, Apple unveiled the iPhone, which completely changed the mobile market.
✋🏿We can all learn a valuable lesson from Palm: the tech giant of today might be tomorrow's trivia question.
🟢In the tech world, you are only as good as your last update, so enjoy your 15 minutes of fame while you can.
🟢In the tech world, you are only as good as your last update, so enjoy your 15 minutes of fame while you can.
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