Apple’s “Consumer First” Business Approach May Not Include A Breakthrough Smart Device
With nearly 1.4 billion devices in the market, Apple’s recent product pushes did not go well. Many believe, including Warren Buffett, that the company needs to expand its offerings, such as payments, healthcare, streaming, and so on. This looks like it would be one of the biggest challenges faced by Apple. The company spent its highest ever on R&D at $4.2 billion, about 7.9% of Apple’s total revenue. The biggest chunk of their revenue resulted from the sales of wearables, including AirPods and Apple Watch.
“We set new all-time records for AppleCare, music, cloud services and our App Store business, and we achieved a new third-quarter revenue record for the App Store,” Cook said.
Having made a solid name for itself as a consumer company, Apple is now trying to expand its portfolio into other sectors. While AirPods was a huge success, Apple HomePod didn’t do very well, due to late entry and a high price tag. The company hopes to have 100 million customers on its streaming platform in the next few years. Besides working on improving current products and services, they are also working on next-gen services like foldable phones and 5G. Analysts believe that Apple could still make it big in the smart home industry. The key for Apple to achieve all this would be to become a tech company from a consumer electronics company.
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