See those huge growth peaks in 2008, 2010 and 2011? They are the result of two products that changed two industries forever: mobile and personal computing.
The chart just shows what’s normal when you hit a homerun with a product that shakes an entire industry:
- in 2008, it’s the iPhone 3G
- in 2010 and 2011 it’s the iPad and iPad 2
You can only get that type of growth when you launch a new product that creates a new market category by itself.
Is the current growth of “only 20%” a sign that Apple is losing its mojo? No.
Can you expect Apple to grow at 70-80% YoY as they did in the past without releasing a new breakthrough product? No.
Is there any product in the pipe with such a potential? I don’t think so. TV is in the radar, but I wouldn’t bet on it to be as big. Google/Youtube seems in better position to disrupt TV — and I don’t mean Google TV.
Apple’s stock price has dropped 35% since September, reducing in $250 billion the company’s market cap.
The market is just coming to terms with the fact that you don’t change an entire industry as big as mobile and personal computing every couple of years. Not even if you are Apple. The growth Apple had was exceptional, and you can’t expect it to continue at that rate just with new versions of iPhones, iPads and Macs.
Anyway, a 20%+ growth YoY without any new bomb product, is a growth most companies only dream of. And Apple mindshare of higher-income customers looks intact.