“Apple was firmly in the spotlight again this week following CEO Tim Cook’s comments at the Goldman Sachs Technology and Internet conference on Tuesday,” James Rogers reports for TheStreet.
“Despite the phenomenal success of the iPhone and iPad, Cook used a question-and-answer session with Goldman analyst Bill Shope to explain that Apple’s more than a mere hardware company,” Rogers reports. “‘Because we’re not a hardware company, we have other ways to make money and reward shareholders,” he said, adding that Apple generated $3.7 billion in software and services revenue last quarter. ‘If you look at that compared to software and services companies, it’s an incredible amount of revenue.'”
Rogers reports, “Cook noted the purchase of an Apple device opens the door to additional revenue for the company. “‘We don’t look at the sale of a product as the last part of our relationship with a customer,’ he said. ‘It’s the first.'”
Read more in the full article here.