Apple (NYSE: AAPL) has built its success upon a steady consumer appetite for buying every iteration of the company’s latest and greatest products - i.e. iPhones mostly. However, with iPhone sales falling, the iconic company is starting to resemble others in the retail industry whose complacency has pushed them to the wrong side of the demand curve.
It’s no secret that I’ve been down on Apple for a while. In January, I predicted that increasing prices on devices void of big innovation was not a sustainable way to continue to grow the business. We have seen very little variation from this trend, in fact, quite the opposite. Just this week at Apple’s much touted WWDC 2019, the company unveiled - you guessed it - more mundane updates to its iOS software for iPhone and iPad, promoting a new (hardly exciting) “dark mode”, as well as new apps for the phone and watch as it tries its hand as a “service” company to make up for tepid phone sales.
As I mentioned in January, what we are experiencing is the slow and steady decline of Apple. The current situation was actually predicted by Steve Jobs himself early in his career, when he foresaw Apple would likely follow in the footsteps of Xerox and IBM if the company “got away from the innovation that made them so successful in the first place.”
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