Apple not expected to compete with Meta, Google at same level for advertising biz: report
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In August, it was reported that Apple (NASDAQ:AAPL) would start to include advertising in its Maps app, as well as other apps in an effort to boost revenue from the service.
Now, The Information notes that the company does not have ambitions to compete on the same scale as tech giants Meta Platforms (NASDAQ:META) and Google (NASDAQ:GOOG) (NASDAQ:GOOGL).
The news outlet, citing a person familiar with Apple's (AAPL) ad business, added that the company isn't going to build an advertising network that would be similar to the aforementioned tech companies that would provide ads to users outside of its own apps or services.
Apple (AAPL), which is believed to generate roughly $4B in ad revenue per year, is reportedly "pleased" with the revenue growth from its ads business and is not intending to "significantly" increase the number of advertisements on iPhones.
Cupertino, California-based Apple (AAPL) did not immediately respond to a request for comment from Seeking Alpha.
The Information added that there has been some behind-the-scenes drama at Apple (AAPL) regarding its ad plans and practices. The company has reportedly come under pressure internally from engineers and different departments about it possibly going too far with its advertising business, given its stance on advertising in the past.
During Apple's (AAPL) July earnings call, Chief Executive Tim Cook mentioned some shortfalls in the company's Services segment, noting that digital advertising was "clearly impacted by the macroeconomic environment."
Apple (AAPL) shares fell 0.4% to $149.15 in mid-day trading on Monday.
Last week, Apple (AAPL) said that it will invest $450M to power the new Emergency SOS system available on the iPhone 14.