United states securities and exchange commission


Global markets for the Company’s products and services are highly competitive and subject to rapid technological



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10-K-2022-(As-Filed) (1)

Global markets for the Company’s products and services are highly competitive and subject to rapid technological 
change, and the Company may be unable to compete effectively in these markets.
The Company’s products and services are offered in highly competitive global markets characterized by aggressive price 
competition and resulting downward pressure on gross margins, frequent introduction of new products and services, short 
product life cycles, evolving industry standards, continual improvement in product price and performance characteristics, rapid 
adoption of technological advancements by competitors, and price sensitivity on the part of consumers and businesses.
The Company’s ability to compete successfully depends heavily on ensuring the continuing and timely introduction of innovative 
new products, services and technologies to the marketplace. The Company designs and develops nearly the entire solution for 
its products, including the hardware, operating system, numerous software applications and related services. As a result, the 
Company must make significant investments in R&D. There can be no assurance these investments will achieve expected 
returns, and the Company may not be able to develop and market new products and services successfully.
The Company currently holds a significant number of patents, trademarks and copyrights and has registered, and applied to 
register, additional patents, trademarks and copyrights. In contrast, many of the Company’s competitors seek to compete 
primarily through aggressive pricing and very low cost structures, and by imitating the Company’s products and infringing on 
its intellectual property. Effective intellectual property protection is not consistently available in every country in which the 
Company operates. If the Company is unable to continue to develop and sell innovative new products with attractive margins or if 
competitors infringe on the Company’s intellectual property, the Company’s ability to maintain a competitive advantage could be 
materially adversely affected.
The Company has a minority market share in the global smartphone, personal computer and tablet markets. The Company faces 
substantial competition in these markets from companies that have significant technical, marketing, distribution and other 
resources, as well as established hardware, software and digital content supplier relationships. In addition, some of the 
Company’s competitors have broader product lines, lower-priced products and a larger installed base of active devices. 
Competition has been particularly intense as competitors have aggressively cut prices and lowered product margins. Certain 
competitors have the resources, experience or cost structures to provide products at little or no profit or even at a loss. Some of 
the markets in which the Company competes have from time to time experienced little to no growth or contracted overall.
Additionally, the Company faces significant competition as competitors imitate the Company’s product features and applications 
within their products or collaborate to offer solutions that are more competitive than those they currently offer. The Company also 
expects competition to intensify as competitors imitate the Company’s approach to providing components seamlessly within their 
offerings or work collaboratively to offer integrated solutions.
The Company’s services also face substantial competition, including from companies that have significant resources and 
experience and have established service offerings with large customer bases. The Company competes with business models 
that provide content to users for free. The Company also competes with illegitimate means to obtain third-party digital content 
and applications.
The Company’s business, results of operations and financial condition depend substantially on the Company’s ability to 
continually improve its products and services to maintain their functional and design advantages. There can be no assurance the 
Company will be able to continue to provide products and services that compete effectively.
Apple Inc. | 2022 Form 10-K | 7



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