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Berkshire Hathaway Annual Meeting 2023
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Apple: The inevitable problems

Apple: The inevitable problems
Don't talk about dreams and focus on reality, what is the nature of Apple's salary at this stage?
While Apple is active in different areas, it still is mostly a hardware company: Its biggest source of revenue, by far, is the iPhone franchise, which is clearly both a hardware business and somewhat cyclical and seasonal on top of that.
While Apple's services business is software/subscription-based, that makes up a rather small portion of the company's overall sales in relative terms,
so,Apple, with its hardware focus, has seen its sales decline, despite a solid services revenue growth rate - the drop in hardware sales was more impactful.
Apple as a high-quality hardware company, what's the typical problems that are typical for hardware companies?
1.cyclical revenues.as consumers and enterprises buy new equipment from time to time
2.Excessive performance, prolonged replacement cycle. When the function reaches the upper limit of most consumers' demand, the replacement demand of consumers will drop significantly.
3.Lack of real innovation recognized by consumers.
Hardware such as mobile phones is an innovation-driven industry. If there is insufficient product innovation, the technology gap between first- and second-tier companies will gradually narrow, industry competition will intensify, and gross profit margins will decline.
Are Apples Special?
The brand has a certain premium, and the system and the brand have their own unique marks.Therefore, it is a special existence, and the company image and company culture are not achieved overnight.
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