The Value Of Apple Weirdly Mirrors The Market For Smartphones As A Whole
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The enterprise value of Apple over the years mirrors the market for smartphones generally, according to an analysis on the Asymco blog. (Enterprise value is a way of measuring the total value of a company based on its market cap, debt and cash.)
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The Asymco folks suggest that, somehow, Apple is a proxy for the smartphone market as a whole, even though it doesn't dominate market share.
Here's the chart:
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