June 27, 1997: The last day of another disappointing quarter brings an end to CEO Gil Amelio’s 500 days running Apple.
The $56 million quarterly loss contributes to an overall deficit of $1.6 billion during Amelio’s reign. The slump effectively wipes out every cent of profit Cupertino earned since fiscal 1991. After losing money for six out of the last seven quarters, Apple seems past the point of no return.