Apple's latest iPhone reveal — complete with a full roster of supporting acts — took place on Wednesday. Millions tuned in to see the iPhone 14 and a refresh of Apple's most-popular wearables, including new AirPod Pro's and a more resilient Apple Watch.
If it ain't broke...
Critics will complain that, even with some cool design updates, the iPhone 14 is more of an evolution than a revolution on the product side. That's a fair critique — and one that's been levelled at Apple many times since Tim Cook took over as CEO from Steve Jobs in 2011. The strongest rebuttal to that criticism is seen in the chart above: during Cook's tenure sales have more than tripled and the company's share price is up more than tenfold.
While the product line-up may not have changed dramatically, Apple's Services division is undergoing a revolution. Services include the App Store, Apple Music, Apple Pay, Apple TV and a new area of intense focus — advertising. Just 18 months since Apple made major changes to its privacy policy, which made it harder for digital ad platforms like Facebook to target ads at users, they're now beefing up their own advertising effort. The company is reportedly looking to double its advertising workforce, suggesting that even Apple can't resist the high margin temptation of selling advertising space on its most valuable properties.
The one surprise from the announcement was that iPhone prices won't be going up in the US or Canada, bucking the inflationary trend seen in so many other industries. The company, it seems, is comfortable sacrificing some margin on the iPhone in order to keep the device at the center of the Apple ecosystem.
The next big product innovation from Apple? You may have to wait until the Apple Car.
