The Last Time Apple Spent This Much Money, It Unleashed 20 Years of Unstoppable Growth

Apple (NASDAQ: AAPL) stock finished 2023 up 47%, but the shares have slipped about 4% in 2024 so far. Wall Street is nervous about slowing iPhone sales (roughly half of Apple's business) and weakness in China, where the company generates one-fifth of its sales.

But something is cooking in Cupertino, California. Apple spent 7.8% of its total sales last year on research and development (R&D) expenses, or nearly $30 billion. That's the highest percentage of its revenue in 20 years, around the time when the tech titan was expanding its iPod and music business and developing the first iPhone.

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Source Fool.com