Mr Jobs, who resigned as chief executive on Wednesday, could hardly leave the
company in better condition. In the first nine months of the fiscal year,
Apple’s operating profit margin was 31 per cent (Microsoft’s was 39 per
cent) and its revenues were 78 per cent higher than in the previous year
(Microsoft managed a 12 per cent increase).
Superior products
The finances reflect a heady combination. There has been a steady flow of
superior products. Outsourcing is crucial – the company is set to generate
about $110bn of revenue this fiscal year, mostly from hardware, out of about
$7bn of plant and equipment. And there is the brand halo, which allows Apple
to garner premium prices in highly competitive markets (Microsoft, in
contrast, reaps quasi-monopoly profits).
Mr Jobs is not the whole company. But it was his personal attributes that
defined Apple – making bold decisions that were mostly correct, inspiring
both loyalty and brilliance from subordinates, and a mind that is able to
articulate and anticipate the desires of the masses.
Consider not only the Macintosh computer, the iPhone and iPad, but also that
Mr Jobs was a founder of Pixar, the phenomenally successful animated film
producer.
The product cycle in telephones and computers is long enough that the Jobs
magic will linger for a year or two and Tim Cook is a well-regarded
successor. But even if he proves to be great or near-great, Apple may be
close to reaching something like corporate maturity.
Cautious
Even the most inspirational leaders cannot eliminate competition (the open
Android system has advantages over the closed iPhone) and Apple margins are
terribly vulnerable to a dimming of its mystique. Investors, who gave Apple
only a market-average multiple on this year's earnings before Mr Jobs
resigned, are right to be cautious.
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