Apple (AAPL)

Risks

• The Company’s business, results of operations and financial condition, as well as the price of the Company’s stock, have been adversely affected and could in the future be materially adversely affected by the COVID-19 pandemic.
• The Company’s operations and performance depend significantly on global and regional economic conditions and adverse economic conditions can materially adversely affect the Company’s business, results of operations and financial condition.
• The Company’s business can be impacted by political events, trade and other international disputes, war, terrorism, natural disasters, public health issues, industrial accidents and other business interruptions.
• Global markets for the Company’s products and services are highly competitive and subject to rapid technological change, and the Company may be unable to compete effectively in these markets.
• To remain competitive and stimulate customer demand, the Company must successfully manage frequent introductions and transitions of products and services.
• The Company depends on component and product manufacturing and logistical services provided by outsourcing partners, many of which are located outside of the U.S.
• Future operating results depend upon the Company’s ability to obtain components in sufficient quantities on commercially reasonable terms.
• The Company’s products and services may be affected from time to time by design and manufacturing defects that could materially adversely affect the Company’s business and result in harm to the Company’s reputation.
• The Company is exposed to the risk of write-downs on the value of its inventory and other assets, in addition to purchase commitment cancellation risk.
• The Company relies on access to third-party intellectual property, which may not be available to the Company on commercially reasonable terms or at all.
• The Company’s future performance depends in part on support from third-party software developers.
• Failure to obtain or create digital content that appeals to the Company’s customers, or to make such content available on commercially reasonable terms, could have a material adverse impact on the Company’s business, results of operations and financial condition.
• The Company’s success depends largely on the continued service and availability of highly skilled employees, including key personnel.
• The Company depends on the performance of carriers, wholesalers, retailers and other resellers.
• The Company’s business and reputation are impacted by information technology system failures and network disruptions.
• Losses or unauthorized access to or releases of confidential information, including personal information, could subject the Company to significant reputational, financial, legal and operational consequences.
• Investment in new business strategies and acquisitions could disrupt the Company’s ongoing business, present risks not originally contemplated and adversely affect the Company’s business, reputation, results of operations and financial condition.
• The Company’s retail stores have required and will continue to require a substantial investment and commitment of resources and are subject to numerous risks and uncertainties.
• The Company’s business, results of operations and financial condition could be adversely impacted by unfavorable results of legal proceedings or government investigations.
• The Company is subject to complex and changing laws and regulations worldwide, which exposes the Company to potential liabilities, increased costs and other adverse effects on the Company’s business.
• The Company’s business is subject to a variety of U.S. and international laws, rules, policies and other obligations regarding data protection.
• The Company expects its quarterly net sales and results of operations to fluctuate.
• The Company’s financial performance is subject to risks associated with changes in the value of the U.S. dollar relative to local currencies.
• The Company is exposed to credit risk and fluctuations in the values of its investment portfolio.
• The Company is exposed to credit risk on its trade accounts receivable, vendor non-trade receivables and prepayments related to long-term supply agreements, and this risk is heightened during periods when economic conditions worsen.
• The Company is subject to changes in tax rates, the adoption of new U.S. or international tax legislation and exposure to additional tax liabilities.
• The price of the Company’s stock is subject to volatility.