kenc

""Investments in new technology are speculative. Commercial success depends on many factors, including innovativeness, developer support, and effective distribution and marketing. If customers do not perceive our latest offerings as providing significant new functionality or other value, they may reduce their purchases of new software products or upgrades, unfavorably impacting revenue. 

"We may not achieve significant revenue from new product, service, and distribution channel investments for a number of years, if at all. Moreover, new products and services may not be profitable, and even if they are profitable, operating margins for new products and businesses may not be as high as the margins we have experienced historically."
"

To be fair, this is standard boilerplate that you find in every company's SEC filings where they outline potential risks to the business. It's a legal requirement. I'm sure you can find similar language in Apple's SEC filings. Means something, but honestly, not much.

To be fair, when you back out cash and debt and look at Enterprise value, Google is a lot closer to Apple in value.

So CR turned off the browser cache...d'oh!