Apple Earnings Preview: Positive Read-Through From Hon Hai; Focusing On App Growth
- AAPL will report Q1FY15E Tuesday, with consensus expecting $2.59 in EPS and $67.5b in revenue.
- Hon Hai and Pegatron read-though suggest strong iPhone 6/6 Plus and iPad Air 2 shipments.
- Expectations from Apple Watch might be overly optimistic.
- App Store remains AAPL's growth segment.
- Booming sales in China with increased proportion of iPhone 6 Plus being sold.
- Dominant position of iPhone in Japan becoming even more so.
- Striking breakthrough in Samsung's home turf of South Korea.
- Increased proportion of 64GB and 128GB memory phones will boost ASPs and gross margins.
Does Microsoft Have More Growth Potential Than Apple?
- Microsoft is now much smaller than Apple, but growing faster.
- Microsoft is seeking the bulk of its new money from subscriptions, not product sales.
- It may be time for Apple AND Microsoft in your portfolio.
- Previously I have heard the assertion that Apple is a “better” dividend selection than AT&T.
- On an income front, this line of thinking is clearly misguided.
- However, the total return prospects of each company are interesting – allowing for one’s investing preference to dictate the most appropriate selection.
The Surging Dollar May Take A Bite Out Of Apple's Earnings
- The US Dollar is up 15% since June, impacting Apple which derives 64% of its sales outside of the Americas.
- Apple keeps $137 billion of its $155 billion in cash outside of the US, making unhedged balances vulnerable to changes in the underlying currency.
- The cost of hedging the Euro has increased dramatically as the currency has depreciated and shown sustained weakness; 22% of Apple's sales are to Europe.
Apple Earnings Preview: Prelude To A Year Of Remarkable Growth
- Apple is projected to achieve y/y revenue and operating profit gains of 18.6% and 21.9%, respectively, for the December quarter.
- iPhone unit sales growth of 32.5% has largely fueled the December results.
- Contrary to some pessimists, I believe that Apple has tremendous growth momentum for fiscal 2015.
- Apple's quarterly results will be announced soon.
- We present an analysis of iPad sales.
- Figures for Software Services and the new Other category.
Setting The Record Straight On Apple Smartphone Market Share Data
- SA contributor Michael Blair has cast doubt on the accuracy of some smartphone market share data indicating Apple's success.
- A quick look at his data shows why he came to his incorrect conclusion.
- This data is completely irrelevant, as sales and margin drive profits not market share.
- Kantar data conflicts with comScore.
- Mixpanel data conflicts with Fiksu.com.
- Investors are left with little but anecdotal evidence to go on.
- A macro look at the smartphone space suggests competition is heating up, and it will be harder for major suppliers to hold prices and share.
- The financial media is obsessed with portraying Chinese low-cost smartphone maker Xiaomi as a huge competitive threat to Apple.
- This is a misconception.
- Xiaomi has razor-thin margins, because of its low-priced devices.
- Apple has much higher margins and is a premium brand.
- Apple's growth in China remains intact, particularly when you consider its wider ecosystem.
- Shares closed Friday at lowest point since late October.
- Surge in Q1 estimates may fuel concerns about a miss.
- Two negative analyst notes may have been misunderstood.
- Rollover of 50-day moving average might scare technical crowd.
Watch Out Apple: Here Comes Xiaomi, Microsoft Might Be Right Behind
- Xiaomi's existing offering compares well with iPhones for a lot less money.
- Xiaomi's latest smartphones, launched Thursday, go one better and are a compelling value proposition.
- Microsoft will join the fray in earnest later this year when Windows 10 is released.
- The implications for Apple could be dire as competition mounts.
Apple: Very Attractive Value But Based On Growth Expectations Dependent On Continued Innovation
- Apple poses a low to moderate risk to the long-term investor because of its superior fundamental performance.
- But this came at the cost of gargantuan amounts of cash sitting on the sidelines, unused and undirected.
- Aggressive capital investments by Apple’s peer group may someday threaten the company’s competitiveness.
- 47% of Apple’s current price reflects a premium for its future growth, which is justified by the company’s historical record.
- Such growth requires a drive to innovate, and Apple may not be hungry enough.
- A recent Seeking Alpha article resurrected the "Apple-will-replace-Intel-in-the-Mac" argument.
- ARM vendors would struggle to build competitive desktop-class chips, and would likely not have a significant cost advantage.
- Intangible factors suggest Apple would have little to gain and much to lose from such a transition.
Apple: ARM-Based Macs Are Not Only Feasible, They May Be Inevitable
- A KGI securities analyst has issued a report predicting Apple will transition Macs to ARM processors.
- Arguments that this is unfeasible because of software compatibility issues ignore the ease with which Apple developers can transition apps to new processors.
- In the end, the deciding factor for a transition from Intel to ARM will be cost, a factor that weighs in favor of ARM processors.
- Desay Batteries, a leading Chinese BMS, has developed a sapphire display smartphone that is on sale for $160 through CHL.
- Competitive pressure on Apple is heightening with hardware facing near-term risk while the iOS ecosystem faces long-term risk.
- Asian OEM going where AAPL has not should be a concern about AAPL's innovation curve. Remain bearish.
- Analyst Ming-Chi Kuo is starting a rumor that Apple will create and use ARM-based 64-bit processors for its iMac and MacBook products.
- I say Kuo’s speculations will not happen anytime soon. His prediction last year that the iPhone 6 Plus would have a sapphire screen was inaccurate.
- Tim Cook knows too well that top software companies are still unable to port their programs to work on ARM/RISC architecture.
- Creative professionals will never buy a cheap ARM-based MacBook if it cannot run Adobe Photoshop, Premiere, Illustrator and After Effects.
Apple Management Discusses Q2 2013 Results (Webcast)Apr. 23, 2013 • 1 Comment
Today, 2:56 AM
- According to sources in the semiconductor industry, Samsung Electronics (OTC:SSNLF) will be the main supplier of processors powering Apple’s (NASDAQ:AAPL) next handset model, Maeil Business Newspaper reports.
- The newspaper did not say how much the contract is worth, but Samsung will likely supply 75% of the chip production for the iPhone 7.
- Samsung was the company behind the A7 that powered the iPhone 5S, although it was ditched in favor of TSMC (NYSE:TSM) for the iPhone 6 and iPhone 6 Plus.
Thu, Jan. 22, 6:55 PM
- In the proxy materials for its 2015 annual meeting (set for March 10), Apple (NASDAQ:AAPL) discloses Tim Cook's 2014 compensation totaled $9.22M, up from 2013's $4.25M. Cook's package included a $1.75M salary and $6.7M in non-equity incentive compensation.
- Also disclosed: J. Crew CEO Mickey Drexler, a board member since 1999, is retiring following the annual meeting. The board, which has seven other members, hasn't yet nominated a replacement.
- 9to5 Mac reports Apple is targeting 2.5 hours of Apple Watch battery life under "heavy" application use (such as CPU-intensive gameplay), 3.5 hours under standard app use, and close to 4 hours when its fitness tracking software is engaged. In standby or low-power modes, 2-3 days of battery life is reportedly likely. Tim Cook has previously suggested Watch users will end up charging the device daily.
- Though the carrier didn't break out iPhone sales, some Apple bulls are taking heart in Verizon's Q4 numbers. Verizon saw a 34% Y/Y increase in postpaid device activations to 15.3M, and a 38% increase in postpaid smartphone sales.
- A Q4 CIRP survey indicates the "weighted average no-contract retail price" for U.S. iPhone sales rose 13% Q/Q and 9% Y/Y, reports UBS. The firm forecasts 67M FQ1 iPhone sales at a high ASP of $685. Meanwhile, mobile ad firm AppLovin reports seeing a 60:40 split between the iPhone 6 and 6 Plus in China.
- Apple rose 2.6% in regular trading, aided by a 1.8% gain for the Nasdaq. FQ1 results arrive on Tuesday.
Thu, Jan. 15, 2:12 PM
- With the Nasdaq off 1.2% and Mizuho's Abhey Lamba having downgraded to Neutral, Apple (AAPL -2.5%) is posting a sizable decline. 42.5M shares have been traded thus far vs. a 3-month daily average of 51M.
- Following Asian supply chain checks, Lamba thinks Apple could report 70M+ FQ1 iPhone sales on Jan. 27, with "a healthy mix of iPhone 6 Plus." He also expects "management to report significant backlog and inventory below normal levels."
- However, he believes there's "limited upside" to an FQ2 iPhone consensus of ~50M, and more broadly expects slowing iPhone sales momentum going forward due to growing penetration rates and "likely saturation of smartphones at the upper end of the market."
- Meanwhile, Pac Crest's Andy Hargreaves, who downgraded following the September iPhone 6/Watch launch event, is out with another cautious note (previous), stating the FQ2 consensus is "at the high end of what Apple is likely to guide to." He sees "particular risk around Apple Watch unit volume, iPad unit volume and sales and marketing expenses."
- Rosenblatt's Brian Blair is more bullish: He forecasts 72M FQ1 iPhone sales, and reports a supply/demand imbalance still existed in nearly all of the iPhone 6's 110+ markets at the end of December. Blair expects calendar 2015 iPhone sales to rise 16% to 220M. On Tuesday, Canaccord reported seeing tight supplies for some iPhone 6 models at U.S. carrier stores.
Wed, Jan. 14, 2:49 PM
- Apple (AAPL -0.9%) has sued Ericsson (ERIC +0.2%) over 4G patents the mobile infrastructure giant is trying to collect royalties on, arguing Ericsson's royalty demands are excessive and that the patents aren't standards-essential. Apple also claims Ericsson wants a royalty based on the entire sales price of a 4G phone or tablet, and that it should only be based on the price of the device's baseband processor.
- In 2008, Apple and Ericsson struck a licensing deal covering many of the patents now under dispute. A WSJ source says that agreement will expire shortly.
- Ericsson has responded to Apple's suit filing a complaint against the company with a U.S. district court, stating Apple's existing license had expired and that two years of negotiations have failed. Ericsson wants the court's help to determine if its offer is fair.
- Last year, Samsung agreed to pay Ericsson $650M to settle a long-running patent dispute, as well as pay royalties on future hardware sales. More recently, Ericsson scored an Indian injunction against Xiaomi. Lawsuits against several Indian OEMs remain outstanding.
- Ericsson's 2013 IP licensing revenue, which included a lump-sum payment from Apple, totaled $1.3B. Q4 results arrive on Jan. 27.
Wed, Jan. 14, 10:41 AM
- JMP's Alex Gauna: "We have reviewed U.S. Patent 8934045 in its entirety, and reached the conclusion that it represents minimal, if any, change to the GoPro (GPRO +2.7%) risk profile, as to us it hints more at a smartphone and smartwatch use case, and the mention of waterproofing and mounts are contextual rather than central to the application."
- Gauna doubts Apple (NASDAQ:AAPL) will compete head-on against GoPro, and states CES featured "a good number of GoPro imitators but none that were able to match the brand energy, performance, use cases, and/or software and social networking value proposition of the Hero lineup."
- Wedbush's Michael Pachter: "I don’t think these patents imply that they’ll issue a standalone device. Rather, they’re going to figure out a way to bolt a phone to your head or put it at the end of the stick and the patents are for the remote control and how it works for the camera."
- AppleInsider observes Apple's patent was effectively acquired from Kodak in 2012. "A side-by-side comparison of the application as assigned to Kodak and the patent as granted to Apple shows only minor changes."
- Shares are still down 10% from Monday's close.
- Yesterday: GoPro tumbles after Apple camera patent published
Tue, Jan. 13, 12:05 PM
- Apple (NASDAQ:AAPL) has been granted a patent (application filed in 2012) for a sports camera system that can be controlled using a phone or watch.
- The camera can be mounted on/secured to various devices, such as a bike helmet, motorcycle handlebar, or surfboard. It would also feature a "mounted mode" that adjusts for vibrations.
- Volatile GoPro (NASDAQ:GPRO) has sold off hard following the patent's publication. Dougherty, however, suggests taking the news in stride. "For starters, we note that Apple patents many, many inventions and some small percentage tend to see the light of day as an actual product. More than anything, we see a scenario in which Apple will want to have a way for users to record from their iPhones and iPads remotely using the Apple Watch as a remote."
- GoPro's mobile apps support remote camera control. The company's product line also includes its $80 Wi-Fi-based Smart Remote.
- Update (1:24PM ET): GoPro is now down 10%.
Tue, Jan. 13, 9:46 AM
- Credit Suisse's Kulbinder Garcha has upgraded Apple (NASDAQ:AAPL) to Outperform two weeks before its FQ1 report, and hiked his target by $20 to $130. "We raise our earnings per share estimates by 18 percent/20 percent to $9.44/$10.06, given a solid and sustainable iPhone volume base, sizable increase in scope for cash return and earnings per share momentum." The FY15 and FY16 EPS consensus estimates are only at $7.77 and $8.56.
- Garcha forecasts 215M FY15 iPhone sales, and a similar amount for FY16. The FY15 forecast assumes the acquisition of 76M users for rival platforms, and a pickup the global iPhone replacement rate to 21 months. A 31.8% FY15 increase in purchase obligation guidance is seen as an indicator of strong demand. Like others, he thinks a mix shift towards the iPhone 6 Plus and 64GB models will provide a margin boost.
- Notable, Garcha also expects Apple to "announce a sizable increase in its cash return program for the next 3 years through the end of 2017 to over $200bn" - $165B for buybacks, $37B for dividends. He forecasts 20M 2015 Apple Watch sales at a $400 ASP and 50% gross margin.
- Separately, Digitimes reports Quanta has begun volume production of a new 12" MacBook Air, paving the way for a Q1 launch. 9to5 Mac reported on the product last week.
- Shares have rallied thanks to the upgrade and a 1.4% gain for the Nasdaq. They fell 2.5% yesterday.
Mon, Jan. 12, 5:58 PM
- IDC estimates global PC shipments fell 2.4% Y/Y in Q4 to 80.8M - a bigger decline than Q3 and Q2's 1.7%, but better than expectations for a 4.8% drop. Gartner is more positive, estimating shipments rose 1% to 83.7M.
- Both firms observe emerging markets, where tablet cannibalization remains a major issue, remain in worse shape than developed markets. IDC also states commercial PC demand (boosted earlier this year by MSFT's ending of Win. XP support) has slowed, and that "market progress has been fueled by low-priced systems, including growth of Chromebooks and [Microsoft's] promotion of Windows 8 + Bing."
- On the bright side, both IDC and Gartner report Asia-Pac returned to positive growth, and that broader consumer demand is gradually improving. The U.S. consumer market is expected to return to positive growth in 2015, aided by slowing tablet demand and the Windows 10 launch.
- IDC believes all top-5 vendors gained share from rivals with less scale. A quarter after cracking the top-5 for the first time with a 6.3% share, Apple's (NASDAQ:AAPL) unit share is believed to have risen to 7.1% (+130 bps Y/Y) on the back of 4.9M shipments (+18.9%). Given higher ASPs, revenue share might be around 15%.
- Market leader Lenovo's (OTCPK:LNVGY) share rose 140 bps to 19.9%; #2 HP's (NYSE:HPQ) rose 300 bps to 19.7%; #3 Dell's rose 140 bps to 13.5%; #4 Acer's (OTC:ASIYF) rose 40 bps to 7.7%. Non-top 5 firms saw their share drop 740 bps to 32.2%, with their shipments declining 20.7%.
- Intel (NASDAQ:INTC), which tends to have good visibility into industry demand, reports on Thursday.
- Related tickers: AMD, NVDA, STX, WDC, HTCH
Thu, Jan. 8, 11:58 AM
- App Store billings rose 50% Y/Y in 2014 and developer payouts topped $10B, Apple (NASDAQ:AAPL) discloses. With the company getting a 30% cut, the figure implies total App Store revenue was near $15B, and Apple's take north of $4.5B. Cumulative developer payouts have topped $25B.
- Apple adds nearly $500M was spent through the App Store during the first week of January, and that a new single-day revenue record was set on New Year's.
- With the help of favorable demographics - on average, iOS users are wealthier than Android users - and Apple's requesting of a credit card number when setting up an iTunes account, iOS has long maintained an outsized mobile app revenue share.
- App Annie estimates Google Play downloads were 60% above App Store downloads in Q3. However, App Store revenue was nonetheless 60% higher. This gap is a key reason (though not the only one) why a large percentage of developers still write for iOS first.
- After selling off in recent weeks, Apple has risen sharply on a day the Nasdaq is up 1.7%.
Wed, Jan. 7, 3:04 AM
- Audio equipment maker Monster, which helped develop "Beats by Dr. Dre", has sued Apple’s (NASDAQ:AAPL) Beats Electronics, its co-founders Jimmy Iovine and Dr. Dre, and smartphone maker HTC (OTC:HTCXF) for allegedly conspiring to dupe it out of a deal with Beats before the company was sold to Apple for $3.2B last year.
- The complaint asserts that Beats ended its relationship with Monster through a change-of-ownership clause after conducting a "sham transaction" with HTC.
- Monster CEO Noel Lee also claims that he was misled about a future acquisition prior to the Apple deal and sold his remaining shares.
Tue, Jan. 6, 5:27 PM
- Apple (NASDAQ:AAPL) is "finishing up work on the Apple Watch’s software, and sources familiar with the product’s development say that the device is currently on track to ship in the United States by the end of March," reports 9to5 Mac, which has a good track record with Apple product scoops.
- The site previously reported retail chief Angela Ahrendts had told employees the Watch would arrive sometime in spring, after the Chinese New Year. Officially, Apple has only said the device will launch in "early 2015."
- 9to5 adds Apple "has been polishing up the Watch OS and putting the device’s battery through more extensive testing," and has also been "working overtime to improve the inductive charging mechanism necessary for charging up the device each night." Tim Cook during an October talk: "We think you’re going to end up charging [Apple Watch] daily. Overnight, that’s what we think."
- Also: Apple is reported to be working on a 12" MacBook Air sporting "a radically new design that jettisons standards such as full-sized USB ports, MagSafe connectors, and SD card slots in favor of a markedly thinner and lighter body with a higher-resolution display."
- The notebook is said to have "the fewest amount of ports ever on an Apple computer," and (in order to reduce thickness) a touchpad with no physical feedback. A rendition seen by 9to5 shows only a headphone jack and microphone inputs on the left side, and a sole USB Type-C port on the right.
- Rumors about a 12" retina MacBook Air have swirled for some time. Most recently, they've suggested the device will ship in mid-2015 (perhaps after launching at WWDC).
- Previous: Quartz's Apple Watch poll data
Mon, Jan. 5, 7:18 PM
- Apple's (NASDAQ:AAPL) FQ1 report will arrive after the close on Tuesday, Jan. 27. As usual, the CC will be held at 5PM ET.
- Consensus is for revenue of $66.42B (+15.3% Y/Y), and EPS of $2.54 (+23%). Last month, Morgan Stanley pegged the iPhone sales consensus at 63M; FQ1 iPhone sales totaled 51M a year ago.
Sat, Jan. 3, 10:22 AM
- A Quartz poll of 811 U.S. smartphone owners found only 2.2% and 3.2% of iPhone owners respectively stating they're "extremely likely" or "very likely" to buy an Apple Watch (AAPL), and 14.3% saying they're "somewhat likely" to do so. 18.9% said they're "not so likely" to buy one, and 61.4% said they're "not at all likely" to buy.
- With Apple having disclosed Watch pricing will start at $349 - the stainless steel version has been rumored to start at $500 - cost was cited as the most common reason for a lack of interest. 60.1% of those who said they'd be willing to pay for one put their maximum purchase price at "less than $200." 25.7% would be willing to pay $200-$299, and 8.6% $300-$399. Roughly half of survey respondents regularly wear a watch.
- Traditional attitudes towards watch spending - will smartwatches change them? - appear to have strongly influenced the poll's results. Only 17.2% of regular watch-wearers owned a watch from a luxury brand such as Rolex or Omega. 49.2% owned one from an "everyday brand" such as Timex or Casio, and 44.1% owned one from a premium brand such as Seiko or Movado.
- The Quartz poll coincides with cautious remarks from prominent VC Fred Wilson about Apple Watch's 2015 performance. "Apple Watch will not be the homerun product that iPod, iPhone, and iPad have been. Not everyone will want to wear a computer on their wrist. Eventually, this market will be realized as the personal mesh/personal cloud, but the focus on wearables will be a bit of a headfake..."
- Wilson elaborated on his thoughts on Twitter. "I don't think everyone wants a computer on their wrist. But plenty will and I am certain that Apple will sell a lot of them ... I don't think the watch form factor will define wearables in the same way that the smartphone defines the mobile market."
- John Legere is more upbeat: Earlier this week, the T-Mobile CEO predicted the Apple Watch launch will "mark the tipping point when wearables go from niche to mainstream."
Dec. 31, 2014, 2:31 PM
- "AT&T (T -1.1%) will find new ways to cause their customers pain [in 2015] - especially those still on grandfathered unlimited plans," predicts T-Mobile (TMUS +0.3%) CEO John Legere, feisty as ever while making his 2015 predictions. The FTC recently sued AT&T for throttling the data speeds of unlimited plan users.
- Legere, whose company has unleashed a margin-crimping price war against over the last two years, also forecasts AT&T will launch a "knock off" version of T-Mobile's Data Stash feature, which lets users roll over unused data from monthly buckets for up to 12 months. "The fine print will be massive, and they’ll miss the first and most important step in the process – which is to stop punishing their customers with domestic overages and instead get rid of them."
- He isn't any kinder to Verizon (VZ -0.8%), predicting Big Red will "keep trying to baffle American wireless customers with BS promos, like the one they did this year telling customers they could get a free iPhone 6 (don’t forget to read the small print!), as well as misleading advertising about everything from coverage maps to device trade-ins."
- As for share-losing Sprint (S +0.6%), Legere sees them "continue throwing out campaigns, offers and promotions – anything to see if it sticks." By mid-year, he expects the carrier to "realize they can’t slash their way to growth and start to invest in their network and customer care."
- Two things Legere has kind words for (besides T-Mobile): 1) Apple Watch (NASDAQ:AAPL), which he predicts will "mark the tipping point when wearables go from niche to mainstream." 2) Phablets, which he expects will see 50% sales growth next year and thereby boost data usage.
- One positive prediction for the industry in general: Legere forecasts 2/3 of devices sold next year by carriers will be subsidy-free, up from 41% in 2014. The margin improvement that has come from moving customers from subsidies to early-upgrade and installment plans has been a silver lining for the industry during its price war.
Dec. 31, 2014, 8:43 AM
- Among the more interesting is the idea of North Korea hackers attacking the infrastructure of the NYSE and Nasdaq, precipitating a gigantic one-hour drop in stocks.
- Others include: 1) Significantly higher Apple (NASDAQ:AAPL) estimates, making it the first $1T market cap company, the best-performing large-cap in 2015, and a "must own." 2) Falling home prices in H2, making shorts of homebuilders (ITB, XHB) a good play 3) Bank stocks (NYSEARCA:XLF) have a hard time of it 4) Calling Twitter (NYSE:TWTR) his new Netflix, Carl Icahn amasses a sizable position, forcing a bidding war for the company between Google and Facebook 5) Google (NASDAQ:GOOG) becomes more shareholder friendly, cutting spending and launching a buyback program 6) Activists take aim at Cisco (NASDAQ:CSCO), forcing John Chambers out 7) Berkshire Hathaway (BRK.A, BRK.B) makes its largest-ever acquisition, and its not in consumer goods, but instead in energy, retail, or construction/equipment.
- The full piece is here.
Dec. 30, 2014, 9:54 AM
- Apple (AAPL -0.4%) hardware accounted for 51.3% of the Christmas mobile device activations tracked by leading app analytics firm Flurry, according to data pulled from 600K+ apps. #2 Samsung accounted for 17.7%, and #3 Nokia (Microsoft) 5.8%.
- One caveat: The U.S., where the iPhone and the iPad claim outsized smartphone and tablet shares, accounts for a large percentage of both Christmas phone/tablet gifting and Flurry's app tracking. Thus, China's Xiaomi, Huawei, and Lenovo, each of whom had ~5% Q3 global smartphone unit shares (per Gartner), had sub-1% device activation shares.
- Nonetheless, with Kantar respectively pegging the iPhone's U.S. and EU5 shares for the August-October period at 41.5% and 20.7%, the data points to strong holiday iPhone 6 demand in the U.S. and Europe. Flurry: "While, the holidays in general and Christmas in particular are not the sole indicator of the smartphone market share and trends, it is safe to say that Apple’s newly released iPhone 6 and iPhone 6 Plus have had a blockbuster holiday season."
- SA author J.M. Manness provides an analysis of Flurry's numbers, as well as Fiksu's iPhone model tracking data.
- Prior iPhone sales commentary: Morgan Stanley, UBS, Pac Crest/Deutsche
AAPL vs. ETF Alternatives
Apple Inc designs, manufactures, & markets mobile communication & media devices, personal computers, & portable digital music players, & sells a variety of related software, services, accessories, networking solutions, & third-party digital content.
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