Apple booted from most innovative company spot

Apple booted from most innovative company spot

Apple was kicked back to number 17 spot in the most innovative company rankings compiled by FastCompany. Last year, the iPhone maker occupied the number one spot as it had several unique products for sale in the global market including iPhoneX and Apple airpods. Apple was replaced by Meituan Dianping, the ‘all in one’ Chinese app company. Other companies in the top ten included Square, Twitch and Disney.

However, FastCompany only gave merit to one of the Apple products of 2018. Instead of one of their flagship phones FastCompany chose a microchip made by the iPhone maker. “Apple’s most impressive new product of 2018 wasn’t a phone or a tablet, but a chip: the A12 Bionic… Faster performance, lower power consumption, and more raw muscle for intensive applications such as AI, AR, and high-end photography,” viewed FastCompany.

Apple seems to be losing focus on its native brand, smartphones. The company has invested in multiple other projects like artificial intelligence [AI] systems and smart home technology. The Cupertino based company is also dipping toes into online streaming services like Netflix and Spotify.

Apple seems to be facing a bad year. Last month, the company announced that it will slash the production of new three new iPhone models in the first quarter of 2019. The new cut in production will affect three new models of iPhone including XS Max, XS, and XR. The company also revealed that the overall production volume of all models of iPhone will fall from 47 to 48 million units to 40 to 43 million units in the current quarter.

Apple is facing stiff competition from its counterparts Samsung and Huawei. Samsung on Wednesday unveiled four new phones from the family of Galaxy S10; Galaxy S10e, Galaxy S10, Galaxy 10+ and Galaxy S10 5G. The phones are pricey considering they start at $749. Samsung and Apple are losing their market share to the Chinese tech giant Huawei as their phones have become more expensive. Apple’s share in the smartphone arena dipped by 2% and Samsung’s by 1% while Huawei’s market share in the same sector hiked by 15%.

Apple will have to refocus on their flagship products; smartphones and tablets, to regain the lost customers and its market share.

Image via Shutterstock

Apple booted from most innovative company spot
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