8/3/2019 Apples Revenue and Market Share

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Apple (NASDAQ:AAPL) designs, manufactures, and markets smart personal devices addressingthe consumer electronics space through its online stores, its retail stores, its direct sales force,and third-party wholesalers, resellers, and value-added resellers. The company's products includethe Macintosh (Mac)family of personal computers, the iconiciPodportable music player, theiPhone, and, the iPad. Additionally, Apple sells a variety accessories and peripherals including

application software, printers, storage devices, speakers, and headphones

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. For the full year2010, Apple reported a total revenue of $65.2B and a net income of $14.0B. As the cell phonemarket sees a trend of increased demand for smartphones, Apple has positioned its iPhone as theone of the fastest growing and innovative products in the industry. Apple's continued innovationand annual releases of new versions of existing products have fueled its top line growth.

Business Overview

Headquartered in Cupertino, California, Apple was incorporated in 1976. In the past severalyears, Apple has been at the forefront of innovation within consumer electronics, launching keyproducts geared towards the high-end mobile market (theiPhone) and the home entertainment

industry (Apple TV). Apple is known for its philosophy of aesthetic design to its distinctiveadvertising campaigns.

Business Segments

Contents

1 Business Overviewo 1.1 Business Segments

2 Trends and Forceso 2.1 Product Cannibalizationo 2.2 iTunes and compatibilityo 2.3 Vulnerability of brand in emerging markets

3 Competition 4 References

For the full year 2010, Apple reported a total revenue of $65.2B and a net income of $14.0B. Thecompany reported a 88% increase in iPhone and related product sales. Apple's main business

segments include the Mac Hardware Products, Music Products and Services, iPhone, PeripheralProducts, and iPad. In its first year, 2010, the iPad brought in around $5 billion in sales. Inaddition, Apple expects its iPhone sales growth to sustain, especially since Apple officiallyannounced its partnership with Verizon Wireless to carry the iPhone 4.[2].

Like many other technology companies, Apple has directed itself towards a strong commitmentto increasing its presence abroad. Apple gets more than half of its sales from outside the US. InFY2010, the Americas has accounted for 29% of total revenues, while Europe rings in second,

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contributing 21%. Apple is growing especially fast in Asia, where its Asia-Pacific net sales hasgrown 160%. The company's success in the mobile phone and personal media player marketsmay carry over into other consumer devices, with the company using its brand to gain significantmarket share.

Mac Hardware Products

Macintosh (Mac) brand desktops, laptops and related hardware/software are traditionalmainstays of Apple's business. Mac hardware products include the iMac, MacBook andMacBook Air notebook computers, and a number of peripherals. Its software offerings includeits OS X operating system, built on top of a UNIX-based platform which can also be directlyaccessed. OS X is known for its ease of use and sleek, intuitive design. When Apple recentlyintroduced the Mac App Store, it released more than a thousand applications suited for Macproducts[3].

Music Products and ServicesApple's music offerings include the iPod and its variations (i.e., Nano, Shuffle, Touch) as well asthe iTunes media player and distribution system. iTunes has been a great success for Apple,controlling 70% of the online music market and boasting more than 160 million accounts tied tocredit cards.[4][5]. In its tenth iteration of the ITunes media player, Apple embedded a socialnetwork titled Ping, the company's first attempt at leveraging its content to enter the socialnetworking space[6]. Ping had over a million registered users within two days of its release [4].

iPhoneApple launched itsiPhonein June 2007. Touted as a device converging communications and

media playback, the iPhone combines EDGE mobile technology, a touch-screen system, wirelessInternet browsing capability, and iPod functionality. Three models have been launched since itsoriginal debut: the iPhone 3G, the iPhone 3GS, and most recently, the iPhone 4. Theperformance of each release highlights the brand loyalty of iPhone users and the quality of thephone: Piper Jaffray estimates that 77% of iPhone 4 purchasers were previous iPhone owners,compared to 56% and 38% for the 3G S and 3G, respectively[7]. Apple's fastest growing productis currently the iPhone. Consumers have welcomed the Apple's announcement that iPhoneservice would be available through Verizon Wireless in addition to AT&T. iPhones and relatedproducts accounted for 39% of revenues, sold in over 90 countries and 166 carriers. However,the smartphone market is becoming an increasingly competitive industry, with substituteproducts such as the Google's Android. hi

Peripheral ProductsIn 2007, Apple introduced its Apple TV product for the home entertainment center. Apple TVallows digital media from a user's computer to be played on entertainment systems and digitaltelevisions such as high-definitionLCDsand plasmas. The device is constrained by Apples

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video selection availability, and unlike its other products, lacks portability. Movies, music, andTV shows may be rented or purchased via the Apple TV using the infrared remote and an iTunesaccount. When the user runs the iTunes application on his/her PC, content bought anddownloaded to the Apple TV is synced to the PC. Given its extensive content universe, it hasbeen rumored that Apple may attempt to compete with Netflix and through a cloud computing-

based system offering movie and TV rentals for a nominal fee (i.e. 99 cents) in the next iterationof the Apple TV[8].

iPadIn 2010, Apple unleashed the iPad as part of an effort to transform the way consumers approachpersonal computing and experience media. At only 1.5 pounds and 0.5-inch thin, the iPad boastsa 9.7 inch high-resolution multi-touch screen with 10 hours of battery life and a relatively simpleinterface, meant to run more PC-like software than the smaller screen iPhone[9]. A lack ofmultiprocessing, webcam, HD screen, telephone connectivity, and other features have drawnsome criticism[10]but allow Apple to strategically roll out these sorts of features in future

generations of the device. The device offers browsing, email, media, gaming, and eBookfunctions and also features downloadable apps through the iTunes store[11].

The iPad comes in 16GB, 32GB, and 64B, all of them also functioning in 3G. The iPad iscompatible with most of the 200,000 apps in the App Store, as well as those already purchasedby iPhone and iPod Touch users. According to Steve Jobs, 1 million iPads were sold within 28days of its April 3, 2010 release, accompanied by the download of over 12 million apps from theApp Store and over 1.5 million ebooks from the new iBookstore[12]. In June 2010, Appledeclared that it had sold three million iPads within the first eighty days of its release, or about"an iPad every two seconds[13].

iAd

Apple's 2010 launch of the iAd mobile advertisement platform allows developers to incorporateadvertisements into their applications. The technology became available in 2010 after Appleacquired Quattro Wireless, which held 9% of the mobile advertising market at the time[14]. andincorporated it into its mobile phones. Through iAd, Apple receives 40% of the advertisingrevenue, leaving the rest to the app developers. Since its launch, the firm has forged large adcontracts with firms such asUnileverandNissan[15].

Trends and Forces

Apple's current primary strategy is a shift away fromcomputerstowards diversified consumerelectronics. The company's intention to move from a Mac/iPod-driven business model to one thatincludes many different product lines puts a spotlight on Apple's forays into several newmarkets.

Product Cannibalization

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Since the establishment of the iPod as the leading MP3 player in the market, each new additionto Apple's product portfolio has included and expanded upon the features of the previousgeneration. For example, the IPod Touch offered the same features as the original IPod but witha larger display, WiFi, PDA applications, and a virtual QWERTY keyboard to enhancefunctionality. Although the evolution of the iPod line creates the possibility that an iPod owner

would want more than one model, the coexistence of these products allows for the possibility ofcannibalization across the portfolio. Since the iPad is arguably a hybrid of Apple's Mac and iPodproducts, many fear that its introduction would cannibalize the rest of Apple's product portfolio.

iTunes and compatibility

iTunes Music Store is the world-wide leader for music sales. Its airtight compatibility with theiPod, along with Apple's refusal to license its FairPlay DRM security encoding technology,meant that iTunes has reinforced iPod sales -- anything bought off of iTunes can only be playedon the iPod, meaning that switching costs are high for iPod users who have already spendhundreds of dollars building up their music libraries at iTunes. In addition, music labels have

agreed to drop the DRM requirements meaning that Apple will no longer sell protected audioformats.

Vulnerability of brand in emerging markets

The emergence ofChinaand India as key players in PC sales and general technologyconsumption is troubling for the generic PC manufacturers, but considerably less so for Apple.With relatively light presence in lower-margin, higher-growth geographic areas, Apple willexperience little impact. With China and India estimated to make up about 66% of PC marketgrowth, this could be a significant challenge for Apple's competitors.

Competition

IPod:

Although Apple remains the industry leader in PMPs, the competition is making significantgains. The popularity of flash-based PMPs is problematic for Apple, which has much strongermarket presence in hard-drive based (HDD) players. To combat this, Apple may release a newflash-based line of players, in addition to a souped-up and rehauled version of HDD iPods.Apple's main competitors in this area include:

SanDisk'sSansa players, one model of which beat the Nano to market, with more GB anda lower price point.

Creative's Zen, which has a strong grounding in flash-based players--including the firsttrue widescreen video PMP with theZen Vision W.

iTunes/Apple TV:

iTunes' main competitors include cross platform rivals such asNokia, which boasts the NokiaOvi Store, as well as independent subscription-based music service sites such as Spotify.

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Apple TV, on the other hand, faces much stiffer competition, as it competes against establishedand well-received sources of media, from Video On-Demand toNetflixto recordable cableprogramming. All three of these distribution channels offer significantly higher image qualitythan much of what is available on Apple TV.

iPhone:

Apple's iPhone must compete with established mobile phone and PDA companies, including thelikes ofSamsung,Motorola,Nokia, andSony, many of which have significantly larger R&Dbudgets than Apple. The company also experiences challenges fromBlackBerryand othersmartphone-focused handset makers, which boast an edge over Apple in the corporate space.

Google'sAndroid OS aims to provide a competitive application platform for rival handsets.Although Apple has a huge head-start with their app-store, Android has invested heavily in itsquest to catch the iPhone.

iPad:

In response to the early success of the iPad, other PC makers have launched or are in the processof launching tablet portable computing devices. Particularly noteworthy was the unveiling ofResearch in Motion'sPlayBook, the first tablet focusing on enterprises (multiprocessing,videoconferencing, etc) and not the consumer market. The PlayBook was built with a simpler,more web-based operating system different than that in its BlackBerry phones to facilitate appdevelopment[16].Dell'sStreak,HP'sSlate,Cisco'sCius, andSamsung'sGalaxy Tab have alsobeen released, and tablets by Sony,Toshiba,AcerandLGhave been announced[17].

Relative to its competitors, the iPad benefits from well-established distribution channels and first

mover advantage

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. However, competitors could offer attractive products in the form of smallertablets with added features and at a lower price (like the pocket-sized Galaxy Tab, which has twocameras)[18]. Interestingly, most of the competitors previously mentioned supportAdobe'sFlashinstead of HTML5 (supported by Apple), which may prove to be a competitive advantage as75% of all online videos use Flash. Although Apple does not support Flash in its webpages, butallows mobile app developers to code using Flash[19].

The iPad also competes in the e-reader market, which includes the black-and-white screenedAmazon's Kindleand theBarnes & NobleNook. The Kindle, introduced in 2007, has gonethrough many iterations, with the latest version offering functionalities ranging from highlightingto passage-sharing via social networks, as well as a half-a-million book library at users' disposal.The Nook, only available since October 2009, offers 3G and Wi-Fi connectivity, a colortouchscreen with improved contrast, more font colors, and the ability to lend an ebook to a friendfor up to two weeks[20].

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