“Famously secretive Apple doesn’t tip its hand on new stuff, but its fiscal second quarter report Tuesday showed research and development spending surging by 31% year over year, even as revenue slid by 13%,” Dan Gallagher reports for The Wall Street Journal. “That means Apple spent about 5% of its revenue on R&D during the period, its highest level in years.”

“In the company’s conference call Tuesday, CFO Luca Maestri said the company has a ‘much broader portfolio’ of internal initiatives and projects that includes more ‘in-house technology development’ than it used to have,” Gallagher reports. “Presumably this includes Apple’s widely rumored electric car project.”

“Most of these efforts won’t bear fruit anytime soon – at least not soon enough to appease investors who cut nearly $35 billion off Apple’s market value Wednesday,” Gallagher reports. “But it is a sign the company isn’t just waiting to dial up the next iPhone.”

Read more in the full article here.

MacDailyNews Take: A little birdy tells us that, when it comes to what you’ve seen so far from Apple, you’ve hardly seen anything yet.

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Apple gets much more bang for its R&D buck than Google and other tech companies – November 30, 2015
Massive R&D increase suggests Apple is working on something huge – May 4, 2015