Photograph by Julie Fletcher/Bloomberg
Magic Isn't Cheap
There's a high cost to staying the world's most valuable company and continuing Steve Jobs's legacy of innovation. Apple disclosed that it boosted its research and development budget by nearly $1 billion during the year, lifting it to $3.38 billion.
It might be money well spent, given how Apple literally lost its way with its troubled map software, which was widely faulted for being unreliable. It was an unusual public misfire that caused Chief Executive Officer Tim Cook to apologize and led to a management shakeup.