Apple Achieves $2 Trillion Market Capitalization
Yesterday Apple became the first US company to reach a market cap of $2 trillion, with individual shares hitting a price of $467.77, according to Apple Insider. Apple has been a leader in market capitalization in the past, given that in August 2018 Apple became the first US company to hit $1 trillion market cap, and in June 2020 it became the first to hit $1.5 trillion market cap.
Apple’s stock price has increased more than 50% in 2020, in spite of COVID-19 which closed stores and created political pressure over Apple’s dependence on China. Apple’s third quarter results were an indicator of this triumph, with revenue of $59.7 billion which represented 11% year-over-year revenue growth. This included “double-digit growth in its products and services segments” as stated by BBC News.
Apple News: 2 Fresh Apple Music Radios
Apple news announced in news on August 17 two new live global radio offerings on Apple Music, now available to music fans in 165 countries. Beginning today, Beats 1, the flagship global radio station, will be renamed Apple Music 1, and two additional radio stations will launch: Apple Music Hits, celebrating everyone’s favorite songs from the ’80s, ’90s, and 2000s, and Apple Music Country, spotlighting country music.
Since Apple Music’s launch in 2015, Beats 1 has grown into one of the most-listened-to radio stations in the world, consistently delivering the best in-depth artist interviews, more global exclusives and premieres than anywhere else, and unique programming that produces culture-moving, news-making moments year after year. Beats 1 is now renamed Apple Music 1.
Apple Music Hits offers a full catalog of the biggest song fans know and love from the ’80s, ’90s, and 2000s. The station features remarkable new shows from notable artists and hosts, connecting listeners with the stories behind the most popular songs in the world.
Radio is part of the fabric of country music culture, and Apple Music Country amplifies that experience for the modern fan. As country music evolves and expands around the world, Apple Music Country aims to be the definitive place for every lane of an increasingly diverse genre.
Apple And Epic Ramp Up Battle Over Fortnite And The App Store
As Epic Games’ publicity campaign about Apple’s 30% App Store fee enters its sixth day, the video game company appears no closer to a victory than it did last week. Nor has it advanced a more convincing argument than it did initially. The battle centers on Epic’s view that Apple’s 30% fee on digital good sold via apps downloaded onto iOS devices isn’t fair, amounts to abuse of a monopoly, and violates the law. Epic says it also isn’t fair that Apple makes everyone who wants to make iOS apps use their payment system.
Epic also runs its own store and takes a cut of developer sales, albeit a smaller one than Apple’s. Epic’s argument is perfectly reasonable, but the company is not likely to win, says Wedbush analyst Daniel Ives. To Ives, Epic appears to be trying to take advantage of regulatory and political interest in the U.S. and Europe over the monopoly some say Apple has constructed around its mobile devices. Most people are only able to run software bought through official Apple channels on their Apple phones. Placing apps onto the iPhone without the App Store is technically complex, and Apple may refuse to service devices with unauthorized software installed.
Apple isn’t willing to budge either. As of Tuesday, it had not yet filed a response to Epic’s complaint or its request for an injunction requiring it to let Epic use the iOS development tools, but did say to Barron’s it wasn’t going to make an exception. “We won’t make an exception for Epic because we don’t think it’s right to put their business interests ahead of the guidelines that protect our customers,” said a company spokesman.
Apple’s US$44 Billion China Market Threatened by Trump’s WeChat Ban
iPhone loyalists across China are now reconsidering their attachment to the device after Donald Trump issued an executive order last week barring US companies from doing business with WeChat, the super-app that has become integral to everyday life in the country. Scheduled to come into effect in roughly five weeks, the ban threatens to turn iPhones into expensive “electronic trash”, said Hong Kong resident Kenny Ou, who sees WeChat as one of the most essential software on his handset.
Apple Inc spent years building China into a US$44 billion growth driver. Then the US president last week cast all that in doubt. Its strategy of tapping first-time buyers and wooing back consumers with cheaper devices like the iPhone SE could be entirely derailed if it can’t offer WeChat and US-China trade tensions continue to worsen.
If Apple was forced to remove the service from its global app stores, iPhone annual shipments will decline 25 percent to 30 percent while other hardware, including AirPods, iPad, Apple Watch and Mac computers, may fall 15 percent to 25 percent, TF International Securities analyst Kuo Ming-chi estimated in a research note. Apple didn’t immediately respond to requests for comment.