Apple reports record $161 million quarterly loss under Steve Jobs

On September 26, 1997, interim CEO Steve Jobs announced a quarterly loss of $161 million for Apple, marking the largest loss in the company's history at that time. The financial deficit was largely attributed to the tenure of Jobs' predecessor, Gil Amelio, who oversaw a $1.6 billion loss during his 500 days in leadership, effectively erasing profits earned since fiscal 1991.

The reported loss included a $75 million write-off related to Apple buying back its Mac OS license from Power Computing, a move intended to end the era of Mac clones. Despite the deficit, the launch of Mac OS 8 proved successful, selling 1.2 million copies within its first two weeks and demonstrating a strong, loyal user base.

Apple CFO Fred Anderson stated that the company's primary goal was to return to sustained profitability. The strategy for fiscal 1998 focused on reducing the company's break-even point through expense reductions and gross margin improvements.