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.
Free 4 min read
METAGOOGL
Stock
AAPL
AAPL
Delayed
Notes mentioning AAPL
4
The installed base is the asset, and the phone is the renewal
It helps to think of each phone sale as the renewal of a relationship. The relationship is where the durable revenue lives.
Free 2 min read
An upgrade cycle that keeps getting longer
Phones have become good enough that people keep them longer. Every extra month between upgrades is revenue that arrives later.
Free 2 min read