The ad business is fine, which is the problem
It traded at 736.60, +0.70% on the session. A healthy core funding an expensive bet is the hardest situation to value honestly.
Product-led reads on the mega-caps — what ships, what monetises, and what the Street is mispricing.
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It traded at 736.60, +0.70% on the session. A healthy core funding an expensive bet is the hardest situation to value honestly.
It helps to think of each phone sale as the renewal of a relationship. The relationship is where the durable revenue lives.
Phones have become good enough that people keep them longer. Every extra month between upgrades is revenue that arrives later.
The capex-to-revenue ratios I track, and the point where I think they bite.
The attach and renewal signals I watch across the productivity suite.