Apple Inc. is an American technology company founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. It designs and markets consumer electronics like the iPhone, iPad and Mac computers. Apple has long been a trendsetter in product innovation and currently has the largest market share and profits of any technology company in the world, though it faces increasing competition from other brands. Despite selling a relatively low volume of smartphones compared to competitors, Apple earns a disproportionately high percentage of global smartphone profits, demonstrating the brand loyalty and premium prices it commands.