Apple is one of the best companies in the world.
It makes truly great products, including several I love and use all day every day (iPhone, Mac, and AirPods).
But Apple also has a growth problem.
Aside from its services business — which is growing at a healthy ~10-15% a year and is now the company’s second-largest “product” behind the iPhone — Apple’s product growth is stagnant. And its revenue has been flat for years.
Apple has also not launched a hit new product since AirPods (2016).
I spoke with a former Apple insider recently. The ex-insider summed up his view of the problem as follows…
