It proves that Tim Cook's honeymoon as Apple CEO is over.
In the almost two-and-a-half years since taking over from the late Steve Jobs, Cook has shown himself to be an able manager of Jobs' legacy. He has extracted huge profits from Jobs' ideas and has kept the iOS trains running on time.
But high-tech valuations aren't driven by able management, huge profits or trains that stay on their tracks. High valuations, in the form of extreme price-to-earnings ratios, come from doing something new, something different, something no one else is doing or can do."mobile commerce" isn't it, either. TouchID, as a way to enable and secure mobile payments, is a nifty thing to have, but it's not a game-changer. It's not transaction processing.
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