With their stock hitting multi-month highs, Apple held their follow-up to last month’s iPhone announcement. As usual for these events, they started out talking about how much success they’ve had with their current products. CEO Tim Cook announced they have sold 170 million iPads so far. That’s an incredible for a product analysts doubted when the iPad 1 debuted in 2009.
After a promotional video about how their products are used, Apple announced updates to the iPad lineup which included faster processors, better displays, lighter weight, but the same price. Many investors were looking for a new product category including something for the wrist. While that didn’t happen, Apple did get more aggressive with their web services and are now giving away many of their iWork software for free with the purchase of a new Mac or iOS device. These products obviously cost something to produce, but they’re not a huge expense for Apple. I think they’re free now as Apple eyes competition for Google, whose productivity apps have always been free.
Apple also announced that OS X Mavericks is ready to ship for the Mac. There were processor updates to the MacBook lineup and the Mac Pro desktop computer, which has not been replaced for several years, will be coming out by the end of the year. It’s notable that the new Mac Pro will be built in the USA.
As a consumer, I’m excited about the continued evolution of Apple’s product lineup. As an investor, I want to see how these new products are selling and how Apple’s profit margin is holding up. We’ll find out Monday, Oct 28th after the market close.