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8620 Spectrum Center Blvd.
San Diego, CA 92123
FORBES SCHOOL OF BUSINESS
STYLE STANDARDS
These standards are excerpted from the 6th edition of the
Publication Manual of the American Psychological
Association, published in 2010. These standards are intended to
provide an overview of APA formatting necessary for
the Forbes School of Business, writing assignments.
Standard 1: Manuscript Elements
o Manuscript Format
ht margins should be 1 inch.
-point font and is
double-spaced throughout.
of each page, ½ inch from the
top, and are consecutive from the title page through any
appendices.
numerals.
o Title Page
page (i.e. Title
Page) in the header. All subsequent pages contain YOUR
TITLE, but do
not include the words “Running head,” which is only for the
title page.
line as the page
number throughout the document.
d can be the title of the manuscript or a
shortened version
of it.
manuscript.
nouns, pronouns,
verbs, adjectives, and any prepositions five or more letters in
length.
margins, and
positioned in the upper half of the page.
Number
of the manuscript and
it allows readers to survey the contents of the manuscript
quickly.
ly be included if the manuscript is
longer than 15-double
spaced pages, excluding the title page and reference list page.
–250 words.
(after the title page).
and lowercase letters,
centered, at the top of the page, like a title.
8620 Spectrum Center Blvd.
San Diego, CA 92123
t paragraph
indentation.
included]) and the full title
of the paper is centered one inch from the top of the page with
initial capitalizations
and lowercase letters (not underlined, boldfaced, or italicized)
and is double-spaced
above the first paragraph of text.
the thesis, the statement
of purpose, the argument, or the specific problem under study.
ere should be no heading labeling this section
“Introduction.”
topic/argument/problem/idea and discuss it.
it the “Body”.
restate the main idea or
argument.
and draw inferences
and conclusions from the research.
creating the Reference List)
sources used in the paper
which enable readers to easily retrieve the sources/materials
that were cited.
Standard 2: Citing References in Text
o Any ideas that are not your own or are not common
knowledge must have an author-date citation
within the manuscript.
o In-text citations must at least follow the APA 6th edition
standards related to citation structure,
citation of work from multiple authors, citation of works with
no author, citation of direct quotes, and
citation of electronic sources.
o Common Format Examples:
-text citation: Goodson (2013) found that higher
concentrations of sulfur
increased the odor of the spring water.
or
Parenthetical citation: Significant variation from the mean
results in a higher
probability of failure (Baker, 2012).
-text citation: Lawrence, Patrick, Evans and Smith (2009)
found…
[Use as first citation in text.]
009) found…
[Use as subsequent first citation per paragraph thereafter.]
the citation.
th
edition APA states, “When a work has no identified author, cite
in the text
the first few words of the reference list entry (usually the title)
and the year. Use
double quotation marks around the title of an article, a chapter,
or a web page and
italicize the title of a periodical, a book, or a report” (p. 176).
8620 Spectrum Center Blvd.
San Diego, CA 92123
predictor of
decreased employee morale in certain work areas (“Workplace
Dynamics,”
2013).
or
In-text citation: The book The managers perspective (2011)
outlined the…
or
Parenthetical citation: Garbage output is a predictor of
economic health (Anonymous, 2008).
o Direct Quotation of Sources:
"Quote" (Kotter, 2012, p. 2).
or
As stated by Deming (1991), "quote" (p. 5).
Chapters):
"Quote" (Hersey & Blanchard, 1993, p. 47).
or
As stated by Laudon and Laudon (2012), "Quote" (p. 47).
Paraphrased text (Mintzberg, 2002).
or
According to Mintzberg (2002), paraphrased text.
o Citing online publications: If a page number is not available
use paragraph numbers (use the
abbreviation “p.”). If the document includes headings but does
not provide page or paragraph
numbers, cite the heading and the number of the paragraph
following the heading.
(Chandler, 2010, "Training Managers," para. 2).
o If the quotation comprises fewer than 40 words, incorporate it
into text and enclose the quotation with
double quotation marks. If the quotation comprises of 40 or
more words, display it in a freestanding
block of text, omit the quotation marks, and place the
parenthetical citation outside the closing
punctuation mark.
Standard 3: Reference List
o All manuscripts must have a reference list which begins after
the summary/conclusion of the
manuscript, on a separate page.
o The title of the page (i.e. References) should be centered and
not underlined, boldfaced, or italicized.
o Reference list entries should be double-spaced, with the first
line of each reference
beginning at the left margin, and the second and subsequent
lines indented one-half inch or seven
spaces (a hanging indent). Double-spacing is also used between
entries.
o Entries should be in alphabetical order by the surname of the
first author followed by initials of the
author’s given name.
o Alphabetize group authors, such as associations or
government agencies, by the first significant word
of the name (e.g. The American Psychological Association
would be alphabetized by “A” not “T”).
o Only if the work is signed “Anonymous” would you begin the
entry with the word Anonymous
spelled out and alphabetize the entry as if Anonymous were a
true name.
o A reference should contain the author name, date of
publication, title of the work and publication
date.
o Format:
8620 Spectrum Center Blvd.
San Diego, CA 92123
Last Name, Initials. (Publication Year). Title of
article. Title of Periodical,
volume # (issue #), pp–pp. http://dx.doi.org/xxxx
Cohen, A. (2006, December 10). The entrepreneurial mentality.
International
Business Times, pp. A1, A4.
Stewart, T, (2012, December). Stockholder vs. stakeholder: The
true power
struggle. Corporate Governance and Ethics, 45(6), 30–31.
home page URL for the
periodical using this format:
book. Location: Publisher.
or
Author's Last Name, Initials. (Publication Year). Title of book.
Retrieved from
http://www.xxxxxxx.xxx
or
Author's Last Name, Initials. (Publication Year). Title of book.
http://dx.doi.org/xxxx
or
Editor's Last Name, Initials. (Ed.). (Publication Year). Title of
book. Location:
Publisher.
Standard 4: APA Style Standards Use
o These standards should be applied to all FSB written
assignments.
o Within discussion forums, APA citations and reference lists
may be required for all posts. It is at the
discretion of the faculty as to what the requirement will be for
each course.
Links to supplemental APA citation, referencing, and formatting
examples from the Ashford University
Writing Center include:
APA Checklist: https://awc.ashford.edu/cd-apa-checklist.html
Sample Title Page:
https://awc.ashford.edu/PDFHandouts/sample_apa_title_page.pd
f
Sample References List:
https://awc.ashford.edu/PDFHandouts/APA_References_List_Sa
mple.pdf
Sample Formatted Paper: https://awc.ashford.edu/research-
papers-sample.html
https://awc.ashford.edu/cd-apa-checklist.html
https://awc.ashford.edu/PDFHandouts/sample_apa_title_page.pd
f
https://awc.ashford.edu/PDFHandouts/APA_References_List_Sa
mple.pdf
https://awc.ashford.edu/research-papers-sample.html
FLICKERING SNAPSHOT
OF YAHOO S FUTURE
MYSPACES BIC PLAN
(STOP LAUGHING)
INNOVATING IN
MICROSOFT'S GARAGE
FIVE TRUTHS THAT EXPLAIN
WITH THE QUINTESSENTIALLY
PHOTO ILLUSTRATION BY JOE ZEFF DESIGN APRIL 2013
FASTC0MPANY.COM 35
NEXT
Could it be that Apple's best quarter
ever—and the second most profitable in
U.S. corporate history, at $13.1 billion—is
a head-for-the-hills disaster? With mar-
gins declining and no imminent "in-
sanely greaf new products (as Steve Jobs
liked to call them), has the age of Apple
come abruptly to an end?
To understand whaf s happening with
Apple, it's prudent to step back from the
noise of Wall Street and recognize five
essential truths about Apple's success.
TRUTH NO. I: Apple has never been a non-
stop, new-product machine.
Apple's stock wouldn't have plunged if
expectations, financial and otherwise,
hadn't been so high. Apple is the market's
most emotionally driven brand, "the
Super Bowl for stock lunatics," as Stock-
TWits CEO Howard Lindzon puts it. Every
tech blogger, hedge-fund manager, and
fan has a fervent opinion about it. We
have been emotionally conditioned to
believe in Apple's game-changing powers.
Apple thrived on this attention and
the belief that the next revolutionary
product was coming: iPod, iPhone, iPad.
What is too easily forgotten is that Apple's
quantum leaps were never fast and furi-
ous. We forget that six years separated
the launches of the iPod and the iPhone,
The marvel of Apple has been
its seemingly inexhaustible
capacity to pummel consumers
again and a jiain with
product refinements.
and three years came between the iPhone
and iPad. What is more, the pace of adop-
tion of these products, meteoric of late,
was not always so. The iPad took two
years to sell 100 million units; the iPhone
nearly four years; the iPod six.
Is there impatience about what's
coming next? Of course. Wall Street is
indignant that Apple hasn't announced
a wearable computer, say, or a voice-
controlled TV As Lindzon says, "Apple's
problem is that it can't dance to what Wall
Street wants." But, frankly, it never has.
TRUTH NO. 2: The real driver of Apple's
success has been incremental
innovation.
If the magic of Steve Jobs was his aptitude
for conceiving new product categories,
the marvel of Apple has been its seem-
ingly inexhaustible capacity to pummel
consumers again and again with product
refinements. Apple has earned a distinc-
tive reputation for thriving with only a
handful of products; often overlooked is
how many different versions of these few
products Apple continually rolls out.
The Apple gadgets we know and love
today are markedly different from their
first iterations. Yes, the 2001 launch of
the iPod marked the beginning of a
revolution in how we consume music.
But most forget that iPod sales didn't
explode until 2005, when Apple released
the Nano. Apple released two dozen ver-
sions of the iPod—including generations
of the Classic, Nano, Mini, Shuffle, Touch,
even one branded and distributed by
Hewlett-Packard—and gobbled up 70%
of the market
Apple repeated the trick with the
iPhone and iPad. The iPhone launched in
2007; sales surged in 2009, vyith the launch
of the iPhone 3GS. Last quarter, the iPhone
4,4S, and 5 were among the top five best-
selling smartphones in the United States.
The iPad, launched in 2010, went through
four generations in two years, prolonging
Apple's stock surge; last quarter, 43% of
tablets shipped were iPads.
Apple's software innovations helped
turn these products into objects of lust,
as the iTunes Store did for the iPod and
the App Store and Siri did for the iPad
Mini and iPhone 4S. ,
TAKING STOCK OF APPLE
An unsteady relationship between share price and earnings
$700
$600
$500
y $400
$300
$200
$100
Share price,
monthly average
ä Net income
SEPTEMBER
7,200s
Apple releases
the iPod Nano,
its best-selling
music player.
JANUARY
9 , 2 0 0 7
Jobs introduces
the iPhone,
which generates
$173 billion
in revenue.
JANUARY
14,2009
Jobs goes on
medical leave.
SEPTEMBER 2012
ciosing price:
$660.22; all-time
peai< of $705.07
came on September
21,2012.
JANUARY
27,2010
Jobsunveiis
theiPad;itseils
100 million units
in two years.
JANUARY
23,2013
Apple reports
Its best
quarterly
earnings ever.
$45
$35
$15
$5
01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12 01/13
3 6 F A S T C 0 M P A N Y . C O M A P R Í L 2 O 1 3
NEXT
TRUTH NO. 3: Apple's distinctive
reputation can hurt as much as help.
"Apple has become a victim of its own
success," says Piper Jaffray analyst Gene
Munster. As the lore of Apple's innovative
prowess spreads through the culture, its
iterative improvements have started to
feel like too little, too late. Some consum-
ers have hegun to discount (or he disap-
pointed hy) the latest product tweaks,
waiting for revolutionary disruptions
that, in fact, come only rarely Others feel
burned by Apple's habit of holding hack
features to create demand for the next
generation (as Apple purportedly did by
omitting the camera in the original iPad).
The result is that Apple doesn't get full
credit anymore for some great products.
Apple's last major launch was the iPhone
5. It is the lightest, thinnest, and fastest-
selling iPhone yet, with 5 mulion snapped
up on its first weekend. But like Apple's
exceptional quarterly earnings, the
iPhone 5 drew lukewarm reaction from
critics. Apple's success has led everyone
to judge it by a different set of standards.
It's the M. Night Shyamalan effect: The
more people expect the unexpected—
and incessantly guess what's coming—
the harder it is to surprise them.
had since heen named as responsible
for Apple's Maps fiasco.
In the wake of Maps, and with no ap-
parent breakthrough product coming,
investors and consumers alike are won-
dering what the post-Johs era will really
be like.
TRUTH NO. 5: Apple won't give up the
magic without a fight.
Apple's aura of Oz-like omniscience has
always heen carefully cultivated. Johs
famously cloaked Apple in a mantle of
paranoid secrecy, perpetually grooming
the rumor mill to hype the Next Great
Thing. With Johs gone, Apple's constitu-
ents (including carping Wall Streeters)
are less patient with this approach.
In the meantime, competitors are fill-
ing the void, which explains why Google
Jobs famously cloaked Apple
in a mantle of paranoid
secrecy, perpetually
grooming the rumor mill to
hype the Next Great Thing.
has spent so much üme talking up Google
TV and Google Glass, its futuristic eye-
wear project. Google's openness about
the projects on its docket differs mar-
kedly from the Apple model: The effect
is hoth to sustain interest and to temper
expectations—training followers that
when the company discusses a product,
it isn't necessarily just around the corner.
So if Google doesn't introduce, say, a driv-
erless car in the next three years, nobody
will be (too) disappointed.
The question is whether Apple can
defy the odds and retain its sorcerer's
hat or whether it will settle down into a
life more ordinary. The latter has heen
the fate of tech stars before Apple (wit-
ness Microsoft) and since (witness Face-
book). The transition would be a tough
one for Apple; if it sheds its status as an
agent of revolutionary change, there's
no telling how proponents—consumers
and investors—will react
But all will be forgiven, and the ques-
tion forgotten, if Apple can indeed deliver
something unexpected and terrific. So
will Apple produce another iPod? Another
iPhone? Another iPad? We can only do
what we have always done with Apple:
wait and wonder. ®
TRUTH NO. 4: The legacy of Jobs is
haunting the company.
The impatience with Apple isn't driven
solely by emotion. Tangible changes in
the business are at issue too. When Jobs
died, in late 2011, many speculated Apple's
unprecedented market run would end.
Instead, its share price continued to swell,
leading some to helieve that the fears
about Jobs's passing were overblown.
In actuality, we're seeing the post-
Jobs slump today, a year later than ex-
pected. Why the delay? After his death,
Apple continued to churn out hit prod-
ucts, and just as important, the outpour-
ing of support for Jobs devolved upon
the company, which was seen to embody
his spirit—the archetypal American in-
novator. The halo effect is gone today;
Apple is clearly Tim Cook's company
now. He has put his stamp on it most
noticeably by ousting top executive Scott
Forstall, who was one of Jobs's closest
confidants. Forstall was chiefly behind
the company's success in mobile—but te spotlight
38 FASTC0MPANY.COM APRIL 2013
Copyright of Fast Company is the property of Mansueto
Ventures LLC and its content may not be copied or
emailed to multiple sites or posted to a listserv without the
copyright holder's express written permission.
However, users may print, download, or email articles for
individual use.
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8620 Spectrum Center Blvd. San Diego, CA 92123 .docx

  • 1. 8620 Spectrum Center Blvd. San Diego, CA 92123 FORBES SCHOOL OF BUSINESS STYLE STANDARDS These standards are excerpted from the 6th edition of the Publication Manual of the American Psychological Association, published in 2010. These standards are intended to provide an overview of APA formatting necessary for the Forbes School of Business, writing assignments. Standard 1: Manuscript Elements o Manuscript Format ht margins should be 1 inch. -point font and is double-spaced throughout. of each page, ½ inch from the top, and are consecutive from the title page through any appendices.
  • 2. numerals. o Title Page page (i.e. Title Page) in the header. All subsequent pages contain YOUR TITLE, but do not include the words “Running head,” which is only for the title page. line as the page number throughout the document. d can be the title of the manuscript or a shortened version of it. manuscript. nouns, pronouns, verbs, adjectives, and any prepositions five or more letters in length. margins, and positioned in the upper half of the page.
  • 3. Number of the manuscript and it allows readers to survey the contents of the manuscript quickly. ly be included if the manuscript is longer than 15-double spaced pages, excluding the title page and reference list page. –250 words. (after the title page). and lowercase letters, centered, at the top of the page, like a title. 8620 Spectrum Center Blvd. San Diego, CA 92123 t paragraph
  • 4. indentation. included]) and the full title of the paper is centered one inch from the top of the page with initial capitalizations and lowercase letters (not underlined, boldfaced, or italicized) and is double-spaced above the first paragraph of text. the thesis, the statement of purpose, the argument, or the specific problem under study. ere should be no heading labeling this section “Introduction.” topic/argument/problem/idea and discuss it. it the “Body”. restate the main idea or argument. and draw inferences and conclusions from the research.
  • 5. creating the Reference List) sources used in the paper which enable readers to easily retrieve the sources/materials that were cited. Standard 2: Citing References in Text o Any ideas that are not your own or are not common knowledge must have an author-date citation within the manuscript. o In-text citations must at least follow the APA 6th edition standards related to citation structure, citation of work from multiple authors, citation of works with no author, citation of direct quotes, and citation of electronic sources. o Common Format Examples: -text citation: Goodson (2013) found that higher concentrations of sulfur increased the odor of the spring water. or Parenthetical citation: Significant variation from the mean results in a higher
  • 6. probability of failure (Baker, 2012). -text citation: Lawrence, Patrick, Evans and Smith (2009) found… [Use as first citation in text.] 009) found… [Use as subsequent first citation per paragraph thereafter.] the citation. th edition APA states, “When a work has no identified author, cite in the text the first few words of the reference list entry (usually the title) and the year. Use double quotation marks around the title of an article, a chapter, or a web page and italicize the title of a periodical, a book, or a report” (p. 176). 8620 Spectrum Center Blvd. San Diego, CA 92123
  • 7. predictor of decreased employee morale in certain work areas (“Workplace Dynamics,” 2013). or In-text citation: The book The managers perspective (2011) outlined the… or Parenthetical citation: Garbage output is a predictor of economic health (Anonymous, 2008). o Direct Quotation of Sources: "Quote" (Kotter, 2012, p. 2). or As stated by Deming (1991), "quote" (p. 5). Chapters): "Quote" (Hersey & Blanchard, 1993, p. 47).
  • 8. or As stated by Laudon and Laudon (2012), "Quote" (p. 47). Paraphrased text (Mintzberg, 2002). or According to Mintzberg (2002), paraphrased text. o Citing online publications: If a page number is not available use paragraph numbers (use the abbreviation “p.”). If the document includes headings but does not provide page or paragraph numbers, cite the heading and the number of the paragraph following the heading. (Chandler, 2010, "Training Managers," para. 2). o If the quotation comprises fewer than 40 words, incorporate it into text and enclose the quotation with double quotation marks. If the quotation comprises of 40 or more words, display it in a freestanding block of text, omit the quotation marks, and place the parenthetical citation outside the closing punctuation mark. Standard 3: Reference List o All manuscripts must have a reference list which begins after the summary/conclusion of the manuscript, on a separate page.
  • 9. o The title of the page (i.e. References) should be centered and not underlined, boldfaced, or italicized. o Reference list entries should be double-spaced, with the first line of each reference beginning at the left margin, and the second and subsequent lines indented one-half inch or seven spaces (a hanging indent). Double-spacing is also used between entries. o Entries should be in alphabetical order by the surname of the first author followed by initials of the author’s given name. o Alphabetize group authors, such as associations or government agencies, by the first significant word of the name (e.g. The American Psychological Association would be alphabetized by “A” not “T”). o Only if the work is signed “Anonymous” would you begin the entry with the word Anonymous spelled out and alphabetize the entry as if Anonymous were a true name. o A reference should contain the author name, date of publication, title of the work and publication date. o Format: 8620 Spectrum Center Blvd.
  • 10. San Diego, CA 92123 Last Name, Initials. (Publication Year). Title of article. Title of Periodical, volume # (issue #), pp–pp. http://dx.doi.org/xxxx Cohen, A. (2006, December 10). The entrepreneurial mentality. International Business Times, pp. A1, A4. Stewart, T, (2012, December). Stockholder vs. stakeholder: The true power struggle. Corporate Governance and Ethics, 45(6), 30–31. home page URL for the periodical using this format: book. Location: Publisher. or Author's Last Name, Initials. (Publication Year). Title of book.
  • 11. Retrieved from http://www.xxxxxxx.xxx or Author's Last Name, Initials. (Publication Year). Title of book. http://dx.doi.org/xxxx or Editor's Last Name, Initials. (Ed.). (Publication Year). Title of book. Location: Publisher. Standard 4: APA Style Standards Use o These standards should be applied to all FSB written assignments. o Within discussion forums, APA citations and reference lists may be required for all posts. It is at the discretion of the faculty as to what the requirement will be for each course. Links to supplemental APA citation, referencing, and formatting examples from the Ashford University Writing Center include: APA Checklist: https://awc.ashford.edu/cd-apa-checklist.html Sample Title Page: https://awc.ashford.edu/PDFHandouts/sample_apa_title_page.pd f
  • 12. Sample References List: https://awc.ashford.edu/PDFHandouts/APA_References_List_Sa mple.pdf Sample Formatted Paper: https://awc.ashford.edu/research- papers-sample.html https://awc.ashford.edu/cd-apa-checklist.html https://awc.ashford.edu/PDFHandouts/sample_apa_title_page.pd f https://awc.ashford.edu/PDFHandouts/APA_References_List_Sa mple.pdf https://awc.ashford.edu/research-papers-sample.html FLICKERING SNAPSHOT OF YAHOO S FUTURE MYSPACES BIC PLAN (STOP LAUGHING) INNOVATING IN MICROSOFT'S GARAGE FIVE TRUTHS THAT EXPLAIN WITH THE QUINTESSENTIALLY PHOTO ILLUSTRATION BY JOE ZEFF DESIGN APRIL 2013 FASTC0MPANY.COM 35 NEXT
  • 13. Could it be that Apple's best quarter ever—and the second most profitable in U.S. corporate history, at $13.1 billion—is a head-for-the-hills disaster? With mar- gins declining and no imminent "in- sanely greaf new products (as Steve Jobs liked to call them), has the age of Apple come abruptly to an end? To understand whaf s happening with Apple, it's prudent to step back from the noise of Wall Street and recognize five essential truths about Apple's success. TRUTH NO. I: Apple has never been a non- stop, new-product machine. Apple's stock wouldn't have plunged if expectations, financial and otherwise, hadn't been so high. Apple is the market's most emotionally driven brand, "the Super Bowl for stock lunatics," as Stock- TWits CEO Howard Lindzon puts it. Every tech blogger, hedge-fund manager, and fan has a fervent opinion about it. We have been emotionally conditioned to believe in Apple's game-changing powers. Apple thrived on this attention and the belief that the next revolutionary product was coming: iPod, iPhone, iPad. What is too easily forgotten is that Apple's quantum leaps were never fast and furi- ous. We forget that six years separated the launches of the iPod and the iPhone,
  • 14. The marvel of Apple has been its seemingly inexhaustible capacity to pummel consumers again and a jiain with product refinements. and three years came between the iPhone and iPad. What is more, the pace of adop- tion of these products, meteoric of late, was not always so. The iPad took two years to sell 100 million units; the iPhone nearly four years; the iPod six. Is there impatience about what's coming next? Of course. Wall Street is indignant that Apple hasn't announced a wearable computer, say, or a voice- controlled TV As Lindzon says, "Apple's problem is that it can't dance to what Wall Street wants." But, frankly, it never has. TRUTH NO. 2: The real driver of Apple's success has been incremental innovation. If the magic of Steve Jobs was his aptitude for conceiving new product categories, the marvel of Apple has been its seem- ingly inexhaustible capacity to pummel consumers again and again with product refinements. Apple has earned a distinc- tive reputation for thriving with only a handful of products; often overlooked is how many different versions of these few products Apple continually rolls out.
  • 15. The Apple gadgets we know and love today are markedly different from their first iterations. Yes, the 2001 launch of the iPod marked the beginning of a revolution in how we consume music. But most forget that iPod sales didn't explode until 2005, when Apple released the Nano. Apple released two dozen ver- sions of the iPod—including generations of the Classic, Nano, Mini, Shuffle, Touch, even one branded and distributed by Hewlett-Packard—and gobbled up 70% of the market Apple repeated the trick with the iPhone and iPad. The iPhone launched in 2007; sales surged in 2009, vyith the launch of the iPhone 3GS. Last quarter, the iPhone 4,4S, and 5 were among the top five best- selling smartphones in the United States. The iPad, launched in 2010, went through four generations in two years, prolonging Apple's stock surge; last quarter, 43% of tablets shipped were iPads. Apple's software innovations helped turn these products into objects of lust, as the iTunes Store did for the iPod and the App Store and Siri did for the iPad Mini and iPhone 4S. , TAKING STOCK OF APPLE An unsteady relationship between share price and earnings $700
  • 16. $600 $500 y $400 $300 $200 $100 Share price, monthly average ä Net income SEPTEMBER 7,200s Apple releases the iPod Nano, its best-selling music player. JANUARY 9 , 2 0 0 7 Jobs introduces the iPhone, which generates $173 billion in revenue. JANUARY 14,2009 Jobs goes on
  • 17. medical leave. SEPTEMBER 2012 ciosing price: $660.22; all-time peai< of $705.07 came on September 21,2012. JANUARY 27,2010 Jobsunveiis theiPad;itseils 100 million units in two years. JANUARY 23,2013 Apple reports Its best quarterly earnings ever. $45 $35 $15 $5 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12 01/13 3 6 F A S T C 0 M P A N Y . C O M A P R Í L 2 O 1 3
  • 18. NEXT TRUTH NO. 3: Apple's distinctive reputation can hurt as much as help. "Apple has become a victim of its own success," says Piper Jaffray analyst Gene Munster. As the lore of Apple's innovative prowess spreads through the culture, its iterative improvements have started to feel like too little, too late. Some consum- ers have hegun to discount (or he disap- pointed hy) the latest product tweaks, waiting for revolutionary disruptions that, in fact, come only rarely Others feel burned by Apple's habit of holding hack features to create demand for the next generation (as Apple purportedly did by omitting the camera in the original iPad). The result is that Apple doesn't get full credit anymore for some great products. Apple's last major launch was the iPhone 5. It is the lightest, thinnest, and fastest- selling iPhone yet, with 5 mulion snapped up on its first weekend. But like Apple's exceptional quarterly earnings, the iPhone 5 drew lukewarm reaction from critics. Apple's success has led everyone to judge it by a different set of standards. It's the M. Night Shyamalan effect: The more people expect the unexpected— and incessantly guess what's coming— the harder it is to surprise them.
  • 19. had since heen named as responsible for Apple's Maps fiasco. In the wake of Maps, and with no ap- parent breakthrough product coming, investors and consumers alike are won- dering what the post-Johs era will really be like. TRUTH NO. 5: Apple won't give up the magic without a fight. Apple's aura of Oz-like omniscience has always heen carefully cultivated. Johs famously cloaked Apple in a mantle of paranoid secrecy, perpetually grooming the rumor mill to hype the Next Great Thing. With Johs gone, Apple's constitu- ents (including carping Wall Streeters) are less patient with this approach. In the meantime, competitors are fill- ing the void, which explains why Google Jobs famously cloaked Apple in a mantle of paranoid secrecy, perpetually grooming the rumor mill to hype the Next Great Thing. has spent so much üme talking up Google TV and Google Glass, its futuristic eye- wear project. Google's openness about
  • 20. the projects on its docket differs mar- kedly from the Apple model: The effect is hoth to sustain interest and to temper expectations—training followers that when the company discusses a product, it isn't necessarily just around the corner. So if Google doesn't introduce, say, a driv- erless car in the next three years, nobody will be (too) disappointed. The question is whether Apple can defy the odds and retain its sorcerer's hat or whether it will settle down into a life more ordinary. The latter has heen the fate of tech stars before Apple (wit- ness Microsoft) and since (witness Face- book). The transition would be a tough one for Apple; if it sheds its status as an agent of revolutionary change, there's no telling how proponents—consumers and investors—will react But all will be forgiven, and the ques- tion forgotten, if Apple can indeed deliver something unexpected and terrific. So will Apple produce another iPod? Another iPhone? Another iPad? We can only do what we have always done with Apple: wait and wonder. ® TRUTH NO. 4: The legacy of Jobs is haunting the company. The impatience with Apple isn't driven solely by emotion. Tangible changes in the business are at issue too. When Jobs
  • 21. died, in late 2011, many speculated Apple's unprecedented market run would end. Instead, its share price continued to swell, leading some to helieve that the fears about Jobs's passing were overblown. In actuality, we're seeing the post- Jobs slump today, a year later than ex- pected. Why the delay? After his death, Apple continued to churn out hit prod- ucts, and just as important, the outpour- ing of support for Jobs devolved upon the company, which was seen to embody his spirit—the archetypal American in- novator. The halo effect is gone today; Apple is clearly Tim Cook's company now. He has put his stamp on it most noticeably by ousting top executive Scott Forstall, who was one of Jobs's closest confidants. Forstall was chiefly behind the company's success in mobile—but te spotlight 38 FASTC0MPANY.COM APRIL 2013 Copyright of Fast Company is the property of Mansueto Ventures LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.