Apple Inc. is not content with having two of the top 10 best-selling products of all time, with plans for the newly-released Apple Watch to make the list. The iPhone takes out the top position on the list, with more than half a billion units sold since its launch less than a decade ago, and the iPad is in seventh spot, with sales of more than 250 million tablets. Apple Inc. also has plans to extend its market share by opening retail stores in the Middle East.
Up until now, Apple Inc. has only had a presence in Istanbul, but other locations in Abu Dhabi and Dubai are set to be home to Apple retail stores. There are current job listings for several retail positions in these areas, but Apple does not indicate where exactly the stores will be opened. Although the electronics giant is looking for new markets in the developing world to increase its profits, chief executive officer Tim Cook said China would become its largest market soon.
Apple Inc. shares recorded a 3.04 percent rise on Friday to close at $128.95, rebounding from a 2.7 percent drop on Thursday following reports of a defect in its Apple Watch earlier this week. Apple has seen its stock increase nearly 17 percent for the year. It is considered the most valuable company in the world and has just announced new second quarter records. Apple Inc. has seen a $58 billion revenue tally and a net profit of $13.6 billion for the quarter, which ended on March 28, 2015. This performance can be attributed to the App Store’s all-time record performance and record sales of Apple Mac and iPhone. Cook said more and more people are switching to iPhone, and Apple Inc. is already off to a great start to the June quarter, thanks to Apple Watch’s launch, adding to the hype that it will become one of the top 10 best-selling products of all time. The record March quarter saw revenue growth of 27 percent, which compares to $45.6 billion revenue and $10.2 billion net profit in the same quarter last year.
The electronics giant has been forced to limit availability of its Apple Watch after a defect was discovered in a key component supplied by a company in China. The Wall Street Journal reported that the sensation of being tapped on the wrist was produced by this key component called the taptic engine. Fortunately for Apple, this Chinese company was one of two suppliers of this component, which has reportedly resulted in Apple now sourcing the majority of its components from Japan’s Nidec Corp, the other supplier. Although no sales figures have been released, the demand for the Apple Watch has outstripped supply, according to the company’s chief executive officer.
The Apple Watch is the first product by Apple Inc. to be seen as a fashion item and not just a technological gadget. It is being marketed as a stylish watch and a totally new way to stay in touch with others. It allows users to receive text messages, social media notifications and other notices straight to their wrist. This is why Apple Inc. is expected to continue to soar in the top 10 best-selling products of all time.
By Rebecca Brown
Photo by Yasunobu Ikeda – Creativecommons Flickr License