Apple doesn't care about reporting unit sales anymore; should you? The answer, according to industry watchers interviewed by TheStreet's Jacob Sonenshine, is no. Apple Inc. (AAPL) provides premium products that enable it to lift prices, which in turn lifts gross margins, and are justified by the services a user can enjoy on the device, Sonenshine writes. And those services get better and better with time, keeping the hamsters (Hint: that's us) on the wheel.
But why not care about unit sales? Well, Sonenshine explained Friday, Nov. 2, that as iPhone sales slow, Apple is shifting its focus to driving growth in its services offerings. As Zev Fima, portfolio analyst for Jim Cramer's Action Alerts Plus investment members club, puts it, dropping the unit sales report "will force analysts to focus on the real story, which is services."
Raising prices and driving revenue in services, which accounted for 15.7% of Apple's total third quarter revenue and grew 17% year-over-year, is the new game plan. In other words, it's all about the bigger picture for Apple, and unit sales are no longer in it. More on that here.
Meanwhile, TheStreet and its affiliates continue to drive the conversation around gender parity in the newsroom. This week's target: private-equity firm Blackstone Group LP (BX) and its chairman and CEO Stephen Schwarzman. As TheStreet's Bradley Keoun pointed out Friday, Schwarzman dominates the financial markets, but may be lagging competitors in one key area: the presence of women on his firm's board of directors. Scroll on for a deeper dive into the shortcomings of Blackstone's one-woman board.
Markets Today: A three-day market rally was stopped dead in its tracks Friday, as a slump in shares of Apple and others offset news of a potential thaw in the U.S.-China trade war and stronger-than-expected U.S. jobs numbers. The Dow Jones Industrial Average lost about 110 points, or 0.43%, to 25,270.83. The S&P 500 fell 0.63% to 2,723.06, and the Nasdaq dropped just over 1% to 7,356.99.
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