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Apple’s growing list of problems clouds WWDC event

MacDailyNews

Jun 6

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Apple’s current challenges are multifaceted, with its lagging position in artificial intelligence being just one issue. Artificial-intelligence troubles, as well as tariffs and legal risks to huge Google payments to be Safari’s default search engine and App Store commissions, have weighed down stock ahead of WWDC.

Dan Gallagher for The Wall Street Journal:
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Investors are glum ahead of Apple’s Worldwide Developers Conference that kicks off Monday. The stock has slid 20% since the first of the year, which is the worst run the shares have experienced ahead of the company’s WWDC event since at least 2010.
Apple’s big tech peers now use their own annual developer events almost exclusively to tout their progress in AI. But Apple’s conference this year is expected to mainly demonstrate how far behind the company is in what is considered a once-in-a-generation technological shift. The Apple Intelligence service introduced at last year’s conference is still a work in progress, and the Siri digital assistant is still awaiting a promised AI makeover. That won’t be coming next week…
Its flagship iPhone business has been in a rut, with revenue growth relatively flat over the past two years and expected to be flat again for the current fiscal year ending in September. The lack of new AI offerings is expected to weigh on the next cycle as well, with Wall Street expecting iPhone revenue growth of only 3% in fiscal 2026, according to FactSet estimates.

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MacDailyNews Take: It’s likely to get worse before it gets better. After the canned WWDC keynote video fades to black, the company will be accused of putting lipstick on a pig, applying a new coast of paint to a leaky ship, etc. And none of the other problems are going to get fixed or go away soon.

This is what happens after a decade plus with a caretaker CEO at the helm after he hits the last page of his iteration playbook, yet attempts to stay in the game for too long. – MacDailyNews, April 1, 2024

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