The Finnish firm's fall from grace is a salient reminder that, in technology, the only constant is change. Amid increased competition, and having recently reported a first-ever sequential slowdown in iPad sales, Apple's stock has tumbled 18% in 12 months. Are yesterday's rollouts enough to stop the rot?
First off, snap judgments should be avoided with all things Apple. How silly does the snickering and skepticism that greeted the original iPad's introduction in 2010 now seem. It would go on to become the most talked-about tablet since Moses, upending an entire industry en route.
That said, the much-anticipated announcements appear to continue a troubling trend of evolution rather than revolution from the Cupertino company. This may be why shares responded by ending off 0.29%, admittedly after nine straight increases, even as the S&P 500 Index advanced to another record.
The absence of a fingerprint sensor got the thumbs-down from many, yet there was still much to admire. Highlights included faster processing power, a sharper resolution Retina display on the iPad Mini, and a re-branded iPad Air that is notably lighter and sleeker than previous incarnations. All with the Jony Ive-inspired aesthetic beauty we have come to expect of Apple, a design delight that remains a marvel even as it is increasingly taken for granted.
Surprises? A couple. Apple interestingly opted to make its new Mac operating system, OS X Mavericks, available for free. Its CEO, obviously taking aim at Office, claimed that by doing so, "We are turning the industry on its ear." Microsoft stock, down 1.17% on the day, clearly didn't like the sound of that.
And an unexpected price hike for the Mini indicates it continues to cannibalize -- if a man called Cook will! forgive the phrase -- the flagship iPad itself to a greater extent than anticipated. This smaller device is increasingly important for Apple, proving that even Steve Jobs got it wrong on occasion. (The Apple legend once famously called tiny tablets "dead on arrival.")
All told, yesterday's developments are essentially incremental upgrades, aimed at keeping things ticking until either the iWatch or Apple TV are finally unwrapped. The latter, especially, has become Silicon Valley's version of Waiting for Godot, and if Apple, two years after the passing of its iconic co-founder, does not deliver soon, investors' patience will eventually wear as thin as these latest products.
This story originally appeared on Minyanville.
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