The Financial Times
21 February 2013Benedict Evans was quoted in an article analysing the possibility of Apple making a cheaper iPhone. “It could be a totally transformative product that would double iPhone unit sales and totally destroy the competition but add only 20 per cent to Apple’s profits,” he said.
“That’s the problem with the Apple valuation. They’ve already got a huge share of the [smartphone] industry. They can’t keep doubling sales. It’s relatively easy to see a ceiling on iPhone revenue that’s not that far away.”