Today’s WWDC keynote from Apple covered a huge range of updates. From a new macOS to a refreshed watchOS to a new iOS, better privacy controls, FaceTime updates, and even iCloud+, there was something for everyone in the laundry list of new code.
Apple’s keynote was essentially what happens when the big tech companies get huge; they have so many projects that they can’t just detail a few items. They have to run down their entire parade of platforms, dropping packets of news concerning each.
But despite the obvious indication that Apple has been hard at work on the critical software side of its business, especially its services-side (more here), Wall Street gave a firm, emphatic shrug.
This is standard but always slightly confusing.
Investors care about future cash flows, at least in theory. Those future cash flows come from anticipated revenues, which are born from product updates, driving growth in sales of services, software, and hardware. Which, apart from the hardware portion of the equation, is precisely what Apple detailed today.
And lo, Wall Street looked upon the drivers of its future earnings estimates, and did sayeth “lol, who really cares.”
Shares of Apple were down a fraction for most of the day, picking up as time passed not thanks to the company’s news dump, ..