Apple (
AAPL) shares have fallen more than 35% since hitting a record high last September. The tech press has declared that
Apple is doomed. On the defensive. Unable to compete with
Samsung (
005930). Never mind that the company
only pulled in $13 billion in profit last quarter, and only has $140 billion in cash, and that
Apple has the best-selling smartphone in the world. There is one thing that Wall Street analysts have forgotten in their reports, models, and projections — Apple has 500 million
iTunes accounts with credit cards.
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