For a company of the scale of Apple (NASDAQ:AAPL), it seems unbelievable that it still can grow its revenues 78%. Instead, most mega-companies would be thrilled to increase the top-line at, say, 10% to 11% per year.
But Apple understands how to make products that consumers are crazy about — as well as to target massive market opportunities. The past saw the iPod enthrall music lovers and the iPhone take over telecom, and the company is aggressively taking on the television market.
But Apple also is making a less-ballyhooed attack — on the cloud.
Since its mid-October release, the iCloud has picked up 85 million users, which makes it one of the largest players in the space despite its short life span. Consider that Dropbox, which has been around for more than three years, has only 50 million users.
iCloud itself allows users to store their media on the Internet, making it easier to sync things across mobile devices, laptops and computers. It’s really a no-brainer. And on Tuesday’s earnings call, CEO Tim Cook said this was the “strategy for the next decade.”
Now, this service has not been without its complaints or issues, but this is natural for the technology. Running a cloud service simply isn’t easy. However, Apple, as it always does, should be able to work out the kinks.
Once it does, the iCloud could be yet another huge growth driver for the company.
Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He also is the author of “All About Short Selling” and “All About Commodities.” Follow him on Twitter at @ttaulli. As of this writing, he did not own a position in any of the aforementioned securities.