After taking on new partners to fund expansion plans, the company officially became Apple Computer. Inc. in early1977.8 within months, the recapitalized company introduced the Apple II, the first computer to come with a sleek plastic casing and color graphics.9 Annual sales increased dramatically to $10 million, and the company began to grow quickly in size, adding thousands of employees. 10 On December 12, 1980, Apple became a public company. On the first day of trading, its share price increased from an initial$22 offering to$29.11 By the end of the year, Apple reached $100 million in annual sales.12 The fledging company, however, soon faced some experienced competition. In 1981, IBM released its first personal computer. IBM’s sheer size ensured its domination of the young PC market. Steve Jobs realized that Apple would have to move fast in order to remain a viable company. Over the next few years, the company released several new computer models, most notably the Apple III and the Lisa. Neither of these models sold particularly well.