{"id":11418,"date":"2022-07-04T23:56:00","date_gmt":"2022-07-04T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=11418"},"modified":"2025-10-21T10:51:24","modified_gmt":"2025-10-21T02:51:24","slug":"how-does-apple-make-money","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/","title":{"rendered":"How does Apple make money?"},"content":{"rendered":"\n<p>People must think it is very strange I talk about &#8220;how Apple makes money?&#8221; This should be common sense. In this post, I&#8217;ll talk some, as an investor, must-know (so you may or may not know), but not very clear details of Apple products, revenue, and market share. I hope it will be helpful to many Apple shareholders. <\/p>\n\n\n\n<p>After all, Apple has long in the list of top stocks most-held by American and  Taiwanese retail investors. As far as Taiwan is concerned, according to the information released by Taiwan securities companies, in the past five years, it has been the top three Taiwanese holding US stocks. 2021 ranked second and 2020 ranked  first.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#2021_Performance_by_division_and_region\" >2021 Performance by division and region<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Divisional_performance_in_2021\" >Divisional performance in 2021<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Wearables_and_Accessary\" >Wearables and Accessary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Service_division_and_sub-services\" >Service division and sub-services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#2021_performance_by_region\" >2021 performance by region<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Two_famous_shareholders\" >Two famous shareholders<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Buffett\" >Buffett<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Duan_Yongping\" >Duan Yongping<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Business_diversity\" >Business diversity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Huawei\" >Huawei<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Performance_and_Valuation\" >Performance and Valuation<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Performance_numbers\" >Performance numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Market_valuation\" >Market valuation<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2021_Performance_by_division_and_region\"><\/span>2021 Performance by division and region<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Divisional_performance_in_2021\"><\/span>Divisional performance in 2021<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Division<\/td><td>Product<\/td><td>Volume (million)<\/td><td>Market share (ranking)<\/td><td>Revenue (million) and growth rate<\/td><td>Percentage of revenue<\/td><\/tr><tr><td>Hardware<\/td><td><\/td><td><\/td><td><\/td><td>297,312 +34.68%<\/td><td>81.3%<\/td><\/tr><tr><td><\/td><td>iPhone<\/td><td>235.7<\/td><td>17.4% (#2)<\/td><td>191,973 +39%<\/td><td>64.57%<\/td><\/tr><tr><td><\/td><td>Mac<\/td><td>27.8<\/td><td>8.18% (#4)<\/td><td>35,190 +23%<\/td><td>11.84%<\/td><\/tr><tr><td><\/td><td>iPad<\/td><td>57.8<\/td><td>34.2% (#1)<\/td><td>31,862 +34%<\/td><td>10.72%<\/td><\/tr><tr><td><\/td><td>Wearables and Accessary<\/td><td><\/td><td>30.1% (#1)<\/td><td>38,367 +25%<\/td><td>12.9%<\/td><\/tr><tr><td>Service<\/td><td><\/td><td><\/td><td><\/td><td>68,425 +27%<\/td><td>18.7%<\/td><\/tr><tr><td><\/td><td>App Store<\/td><td><\/td><td>63.98%  (#1)<\/td><td><\/td><td><\/td><\/tr><tr><td>Total revenue<\/td><td><\/td><td><\/td><td>(#1)<\/td><td>365,817 +33%<\/td><td>100%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wearables_and_Accessary\"><\/span>Wearables and Accessary<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Wearables<\/td><td><\/td><\/tr><tr><td><\/td><td>Apple Watch<\/td><\/tr><tr><td><\/td><td>Bands<\/td><\/tr><tr><td><\/td><td>AirPods <\/td><\/tr><tr><td><\/td><td>Beats<\/td><\/tr><tr><td>Smart home<\/td><td><\/td><\/tr><tr><td><\/td><td>Apple TV box<\/td><\/tr><tr><td><\/td><td>HomePod<\/td><\/tr><tr><td><\/td><td>AirPort (2018 discontinued)<\/td><\/tr><tr><td>Accessary and discontinued products<\/td><td><\/td><\/tr><tr><td><\/td><td>AirTag<\/td><\/tr><tr><td><\/td><td>iPod (2022 discontinued)<\/td><\/tr><tr><td><\/td><td>iPod Touch (2022discontinued)<\/td><\/tr><tr><td>Other <\/td><td><\/td><\/tr><tr><td><\/td><td>Adapter<\/td><\/tr><tr><td><\/td><td>Charger <\/td><\/tr><tr><td><\/td><td>Cables and line for Apple products<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Service_division_and_sub-services\"><\/span>Service division and sub-services<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Sub-service<\/td><td>Service items<\/td><\/tr><tr><td>App Store<\/td><td><\/td><\/tr><tr><td><\/td><td>iOS App<\/td><\/tr><tr><td><\/td><td>iPadOS App<\/td><\/tr><tr><td><\/td><td>macOS App<\/td><\/tr><tr><td>Apple media<\/td><td><\/td><\/tr><tr><td><\/td><td>Apple books<\/td><\/tr><tr><td><\/td><td>Apple Music<\/td><\/tr><tr><td><\/td><td>Apple TV+<\/td><\/tr><tr><td><\/td><td>Apple News<\/td><\/tr><tr><td><\/td><td>Apple Podcast<\/td><\/tr><tr><td><\/td><td>Apple Photo<\/td><\/tr><tr><td><\/td><td>Apple Advertisement<\/td><\/tr><tr><td>Apple financial services<\/td><td><\/td><\/tr><tr><td><\/td><td>Apple cards<\/td><\/tr><tr><td><\/td><td>Gift Cars<\/td><\/tr><tr><td><\/td><td>Apple pay<\/td><\/tr><tr><td><\/td><td>Apple Pay Later<\/td><\/tr><tr><td>Apple Map<\/td><td><\/td><\/tr><tr><td><\/td><td>Apple Map<\/td><\/tr><tr><td>Apple Game<\/td><td><\/td><\/tr><tr><td><\/td><td>Apple Arcade<\/td><\/tr><tr><td>Apple Cloud<\/td><td><\/td><\/tr><tr><td><\/td><td>iCloud<\/td><\/tr><tr><td>Apple Healthcare<\/td><td><\/td><\/tr><tr><td><\/td><td>Apple Fitness+<\/td><\/tr><tr><td>Apple Care<\/td><td><\/td><\/tr><tr><td><\/td><td>Apple Care<\/td><\/tr><tr><td>Apple Product and Services Bundle <\/td><td><\/td><\/tr><tr><td><\/td><td>Apple One<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2021_performance_by_region\"><\/span>2021 performance by region<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td>Revenue ($ million)<\/td><td>Annual growth rate<\/td><\/tr><tr><td>America<\/td><td>153,306<\/td><td>+23%<\/td><\/tr><tr><td>Erope<\/td><td>89,307<\/td><td>+30%<\/td><\/tr><tr><td>Greater China<\/td><td>68,366<\/td><td>+70%<\/td><\/tr><tr><td>Japan<\/td><td>28,482<\/td><td>+33%<\/td><\/tr><tr><td>Rest of world<\/td><td>26,356<\/td><td>+35%<\/td><\/tr><tr><td>Total revenue<\/td><td>365,817<\/td><td>+33%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Two_famous_shareholders\"><\/span>Two famous shareholders<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buffett\"><\/span>Buffett<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/berkshirehathaway.com\/letters\/2021ltr.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s Berkshire holds a total of 5.6% of Apple&#8217;s outstanding shares at the end of 2021. The value of Apple shares held by Berkshire accounts for 45.95% of the value of listed companies held by Berkshire<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Duan_Yongping\"><\/span>Duan Yongping<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Duan Yongping, a prominent Chinese stock market investor who is the majority owner behind Chinese phone brands Oppo and Vivo, also owns a large amount of Apple stock. He has publicly disclosed more than once that Apple and Kweichow Moutai&nbsp;are his two largest holdings. Duan Yongping said in 2020 that Apple is the most profitable company in his investment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Business_diversity\"><\/span>Business diversity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>I mentioned in section 3-2 of my book &#8220;The Rules of Super Growth Stocks Investing&#8221; that iPhone sales revenue as a percentage of the company&#8217;s revenue has dropped from 70% at the peak to the second quarter of 2019 In 2015, the iPhone sales revenue accounted for 66% of the company&#8217;s revenue, and in the fourth quarter of 2016, it accounted for 70%. The ratio is 69.36%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Huawei\"><\/span>Huawei<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Everyone must think that the entire mobile phone industry has not had any major innovations or breakthroughs in the past two or three years. Why can Apple&#8217;s iPhone suddenly surge in the global mobile phone market from about 15% to 25% in the fourth quarter of recent years and won the throne of global mobile phone shipments? The main reason is geopolitics. <\/p>\n\n\n\n<p>Because the United States has imposed a semiconductor embargo on Huawei, even Huawei is publicly praised by Apple&#8217;s CEO, it is Apple&#8217;s biggest competitor, and it has surpassed Samsung to take the first market share in Europe, plus Huawei&#8217;s own super mobile phone chip design capabilities (Huawei&#8217;s  HiSilicon is one of six IC designers in the world capable of designing chips for mobile phone modems). End up Huawei has no chips for new mobile phone due to US embargo.<\/p>\n\n\n\n<p><a href=\"https:\/\/venturebeat.com\/2018\/07\/31\/idc-smartphone-shipments-down-1-8-in-q2-2018-huawei-passes-apple-for-second-place\/\" target=\"_blank\" rel=\"noreferrer noopener\">According to IDC statistics, in the second quarter of 2018, Huawei&#8217;s market share was 15.8%<\/a> and became the second largest mobile phone supplier in the world for the first time, surpassing Apple for the first time. According to reports from Strategy Analytics, Counterpoint Research and Canalys, Huawei&#8217;s mobile phone shipments surpassed Apple&#8217;s in 2019, making Huawei the second-largest mobile phone supplier in the world. In 2019, Huawei&#8217;s mobile phone shipments were about 240 million units, Apple&#8217;s nearly 200 million units, and Samsung&#8217;s 300 million units.<\/p>\n\n\n\n<p>In 2021, Huawei have only 6% of the high-end mobile phone market, vs. 13% in 2020. The rapidly declining market in the past two years has actually been replaced by Apple, because basically the market share of other mobile phone manufacturers has not changed much.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"130\" height=\"146\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/07\/Segd.jpg\" alt=\"Apple \" class=\"wp-image-11838\"\/><figcaption class=\"wp-element-caption\">Credit: Segd<\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Performance_and_Valuation\"><\/span>Performance and Valuation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Performance_numbers\"><\/span>Performance numbers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>FY 2021<\/td><td>Apple<\/td><td>Microsoft<\/td><\/tr><tr><td>Annual revenue ($ million) and growth rate<\/td><td>365,817 +33.26%<\/td><td>168,088 +17.53%<\/td><\/tr><tr><td>Gross income ($ million) and growth rate<\/td><td>152,836 +45.62%<\/td><td>115,856 +19.52%<\/td><\/tr><tr><td>Operating income ($ million) and growth rate<\/td><td>108,949 +64.36%<\/td><td>69,916 +31.56%<\/td><\/tr><tr><td>Net income ($ million) and growth rate<\/td><td>94,680 +64.92%<\/td><td>61,271 +38.37%<\/td><\/tr><tr><td>Gross margin<\/td><td>41.78%<\/td><td>68.93%<\/td><\/tr><tr><td>Operating margin<\/td><td>29.78%<\/td><td>41.59%<\/td><\/tr><tr><td>Net margin<\/td><td>25.88%<\/td><td>36.45%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Market_valuation\"><\/span>Market valuation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>6\/29\/2022<\/td><td>Apple<\/td><td>Microsoft<\/td><\/tr><tr><td>Market capitalization ($ trillion)<\/td><td>2.26<\/td><td>1.95<\/td><\/tr><tr><td>Share price<\/td><td>139.8<\/td><td>261.01<\/td><\/tr><tr><td>P\/E<\/td><td>22.72<\/td><td>27.23<\/td><\/tr><tr><td>Dividend yield<\/td><td>0.66%<\/td><td>0.95%<\/td><\/tr><tr><td>Stock performance in past 5 years (S&amp;P 500 was\uff0b57.54%)<\/td><td>+228.22%<\/td><td>+278.66%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/08\/12\/apple-tariff-crisis\/\">Apple&#8217;s Crisis Part 1: Apple Tariff Crisis Management Strategy Offers a Lesson for Business<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/06\/apples-ai-lagging-behind\/\">Apple&#8217;s Crisis Part 2: Apple&#8217;s AI is seriously lagging behind<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/10\/20\/china-to-apple\/\">Apple&#8217;s Crisis Part 3: How important is China to Apple?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/08\/10\/apple-top-three-crises\/\">Apple top three crises since its founding<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/18\/how-does-unity-make-money\/\">How does Unity, the only software partner of Apple Vision Pro, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/15\/apple-company-culture\/\" target=\"_blank\" rel=\"noreferrer noopener\">Apple company culture deep dive<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/21\/apples-experience-in-cash\/\">The importance of cash, Apple\u2019s experience in using cash<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/\">Apple&#8217;s multiple LT compound capital alchemy is repurchase, 41.9% shares reduced in 12 years<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/09\/apple-google-antitrust\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Apple plummeted by Google antitrust ruled a monopoly?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/14\/small-language-models\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Importance of Small Language Models (SLM) in AI, how is Apple AI different from others?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/04\/how-does-apple-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Apple make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/07\/08\/apples-upcoming-products\/\" target=\"_blank\" rel=\"noreferrer noopener\">Apple&#8217;s upcoming products, services, and technologies<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/01\/22\/apple-design-philosophy\/\">Apple&#8217;s product design philosophy, How does Apple think?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/02\/08\/apples-new-features\/\">Why Apple&#8217;s new features always come later? <\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/28\/apples-steve-jobs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Steve Jobs\u2019s Apple innovation gone with him?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/23\/a-small-privacy-change\/\" target=\"_blank\" rel=\"noreferrer noopener\">Apple\u2019s small privacy change caused US stocks evaporate 200 billion U.S. dollars in one day<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/14\/apple-epic-games\/\" target=\"_blank\" rel=\"noreferrer noopener\">Did Apple really lose the lawsuit with Epic Games?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/11\/apple-app-store\/\" target=\"_blank\" rel=\"noreferrer noopener\">The importance of the App Store legal battle between Apple and Epic Games<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/01\/why-is-apples-privacy-policy-so-important\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is Apple\u2019s privacy policy so important?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/11\/14\/apple-search-engine\/\">Apple search engine, the possibility and necessity to inhouse develop<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>How does Apple make money? 2021 Performance by division and region, Divisional performance in 2021<\/p>\n","protected":false},"author":1,"featured_media":11838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1305,189,528,391,739,1278],"tags":[2,48,49,208,3],"class_list":["post-11418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diversified-conglomerate-group","category-antitrust","category-business-diversity","category-duan-yongping","category-geopolitics","category-operating-system","tag-aapl","tag-brk-a","tag-brk-b","tag-huawei","tag-msft"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/11418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=11418"}],"version-history":[{"count":41,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/11418\/revisions"}],"predecessor-version":[{"id":39555,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/11418\/revisions\/39555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/11838"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=11418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=11418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=11418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}