When Steve Jobs announced the iPhone in January, 2007, the collective (private) response from the mobile industry was, “Oh, crap.” Rightfully so.
The iPhone blew the industry’s existing smartphones out of the water, and forced everyone else to reinvent themselves or go bust. (See our feature, “10 ways the iPhone changed smartphones forever.”)
But the most profound effect that Apple has had on the industry is how it has completely swallowed the lion’s share of its profits, in a very short period of time, without even commanding much market share. This Goldman Sachs research chart, via the FT, shows just how quickly Apple became the profit leader.
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