AUGUST 22, 2016

s h a r
P a ra
r j u n …
n A i on
A
e n t at
Pres

AN
ECONOMIC
ANALYSIS.
ACKNOWLEDGEMENT
THE GOLDEN LIGHT.

I have taken efforts in this project. However, it would not have been possible
without the kind support and help of Ms. Tanu Sachdeva. I would like to
extend my sincere thanks to him for being a torch bearer.

I am highly indebted to sir for his guidance and constant supervision as well as
for providing necessary information regarding the project & also for his
support in completing the project.
TABLE OF CONTENTS
1. Acknowledgement

2. Introduction

3. Microeconomic Variables: Apple Inc.

4. Microeconomic Variables: Google Inc.

5. Conclusion

6. Bibliography
 THE TECHNOLOGY
INDUSTRY

INTRODUCTION
THE INDUSTRY THAT SEES THE FUTURE: THE TECHNOLOGY INDUSTRY

The technology sector is the category of stocks relating to the research, development and/or

distribution of technologically based goods and services. This sector contains businesses

revolving around the manufacturing of electronics, creation of software, computers or products

and services relating to information of technology.

The technology industry provides the basis for chip production, information and communication

systems, and computer systems. These companies serve as the developers and manufacturers of

the products which drive the increasing efficiency and production of cell phones, computers,

televisions, as well as other communication and information systems.

It offers a wide arrange of products and services for both customers and other businesses.

Consumer goods like personal computers, stereos and televisions are continually improved and

upgraded, offering the latest technology to all users. Businesses receive information and services

from software and database systems, which allow the companies to make strategic business

decisions.
 A COMPANY THAT REVOLUTIONISED TECHNOLOGY: APPLE INC.

Apple Inc. is an American multinational technology company headquartered in

Cupertino, California, that designs, develops, and sells consumer electronics,

computer software, and online services. Its hardware products include the iPhone

smartphone, the iPad tablet computer, the Mac personal computer, the iPod

portable media player, the Apple Watch smartwatch, and the Apple TV digital media

player. Apple's consumer software includes the macOS and iOS operating systems,

the iTunes media player, the Safari web browser, and the iLife and iWork creativity

and productivity suites. Its online services include the iTunes Store, the iOS App

Store and Mac App Store, and iCloud.

Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne on April 1,

1976, to develop and sell personal computers. It was incorporated as Apple

Computer, Inc. on January 3, 1977, and was renamed as Apple Inc. on January 9,

2007, to reflect its shifted focus toward consumer electronics. Apple

(NASDAQ: AAPL) joined the Dow Jones Industrial Average on March 19, 2015.
 A COMPANY THAT REVOLUTIONISED THE INTERNET: GOOGLE INC.

Google is an American multinational technology company specialising in Internet-

related services and products that include online advertising technologies, search,

cloud computing, and software. Most of its profits are derived from AdWords, an

online advertising service that places advertising near the list of search results.

Google was founded by Larry Page and Sergey Brin while they were Ph.D. students

at Stanford University, California. Together, they own about 14 percent of its shares

and control 56 percent of the stockholder voting power through supervoting stock.

They incorporated Google as a privately held company on September 4, 1998. An

initial public offering (IPO) took place on August 19, 2004, and Google moved to its

new headquarters in Mountain View, California, nicknamed the Googleplex.

In August 2015, Google announced plans to reorganise its interests as a holding

company called Alphabet Inc. When this restructuring took place on October 2,

2015, Google (NASDAQ: GOOG) became Alphabet's leading subsidiary, as well as

the parent for Google's Internet interests.

 MICRO ECONOMIC
VARIABLES
1. MARKET STRUCTURE
2. DEMAND AND SUPPLY
3. REVENUE
4. PROFITS
5. SHAREHOLDERS
1. MARKET STRUCTURE
Apple Inc., happens to be operating in a market structure to what economist refer as oligopoly.
Oligopoly is a kind of imperfect market structure with a few numbers of firms operating in the
market by producing homogeneous products or substitutes but not perfect substitutes. Some of
its characteristics include interdependence among the firms, higher level of competitiveness
through non price competition which include differentiated products as well as improvement in
quality and excessive advertisements, barriers to entry hence market power and small number of
large firms. An example of similar products to Apple inc includes Samsung Company which is a
producer of both smart phones such as the S series phones as well as Samsung computers and
we also have Sony corporation which makes smart phones like Sony Xperia Z as well as Sony
computers. 
 2. DEMAND AND
APPLE INC.

SUPPLY
Apple Inc uses the non price competition as a strategy in
gaining market power by increasing the demand of its
products over their competitors, however in the short run
this might result to demand exceeding supply.
Furthermore as the chief executive of Apple Inc. Tim
Cook once said that ‘We cannot keep up with the
demand’ this shows how the demand outstrips supply
across a range of products such as the iPhone, iPad and
the iMac. (Matt Warman, 2013). This scenario will cause a
an outward shift of the demand curve.
The scenario can be well illustrated through the graph above. When demand
exceeds supply or when demand shifts outward this implies on the same supply
curve as supply does not have any tendency to shift, but just partial movement
along the same supply curve. This can be illustrated by a movement from D1 to D2
which shows demand from Q1 to Q2 exceeding quantity supplied at Q1 when price
is P1, due to the effect of low complimentary prices such as (Apps and Software) as
well as non price competition in gaining market power hence creating excessive
demand of Apple’s product. This will also create a temporary shortage because
quantity supplied does not match with the quantity demanded, eventually it will
result into a shift of the equilibrium point from E1 to a new equilibrium Point E2,
resulting into an increase in equilibrium price from P1 to P2 as well as equilibrium
quantity from Q1 to Q3. Further analysis might include inefficiency of the market
due to creation of the shortages, where by Apple products might be considered as
under produced which is a form of market failure.

Apple has been able gain market power and survives through extensive
competitiveness that is inevitable in its form of market structure. However she has
been able to transform the general outlook of tech industry and beyond its
boundaries through regular innovation and improvement that has the company an
Iconic figure in the market place today.
3. REVENUE
In 1997, Apple introduced the Apple Online Store, followed by the iMac and the video
editing program Final Cut Pro in 1998. The iPod was launched in 2001, which marked
the company’s first venture away from computers and into other segments of
consumer electronics. With several hundred million units sold, the iPod was a
tremendous success. Its popularity however started to decline in 2008, as advanced
music functions of smartphones began to substitute MP3
players. Apple’s digital media store, the iTunes Store, was
launched in 2003 and became one of the most popular
online music stores in the world, generating several billion
U.S. dollars in revenue per quarter.

In 2007, the release of the iPhone marked a revolution for

the global smartphone market, due to the introduction of
the first touch screen interface. In the United States
especially, the iPhone has been a key product for the
company, generating millions of unit sales and high levels
of revenue. The iPhone is currently contributing more than
60 percent to the company’s total revenue. In total, Apple
has sold more than 800 million iPhones from 2007 to
2015 worldwide.
 In January 2010, the iPad was unveiled, marking yet another
milestone in the industry. The device went on to sell more than 3
million units in the first 3 months, thus setting a new benchmark in
the industry. With the launch of its Apple Watch in early 2015, Apple
entered the growing wearables market, competing with companies such
as Samsung, Pebble and Fitbit.

As of 2014, Apple’s market capitalization reached 460 billion U.S. dollars,

higher than that of competitors such as Microsoft, IBM and Google, as well
as almost ten times more than its own capitalisation in 2006. The
company’s market cap reached a record 750 billion U.S. dollars in 2015 but
dropped to around 520 billion U.S. dollars in May 2016.

4. PROFITS
Apple sells its products to consumers, small and mid-sized businesses,
education, enterprise and government customers.
Apple products and services include iPhone, iPad, Mac, iPod, Apple Watch,
Apple TV, a portfolio of consumer and professional software applications,
iCloud, Apple Music, Apple Pay and a variety of accessory, service and support
offerings. Apple generates revenues from product sales, subscription fees
associated with iCloud and Apple Music, and extended warranty fees for its
products.
Apple also generates revenues from the fees charged to content owners and
developers for selling their digital content and applications through the iTunes
Store, App Store, Mac App Store, iBooks Store, and Apple TV App Store.
• The iTunes Store, available for iOS devices, Mac and Windows personal
computers and Apple TV, allows customers to purchase and download music
and TV shows, rent or purchase movies and download free podcasts.
 • The App Store, available for iOS devices, allows customers to discover
and download apps and purchase in-app content.
• The Mac App Store, available for Mac
computers, allows customers to discover, download
and install Mac applications.
• The iBooks Store, available for iOS devices
and Mac computers, features e-books from major and
independent publishers.
• The Apple TV App Store provides customers
access to apps and games specifically for the Apple
TV.
The Company sells its products in most of its major
markets through its retail and online stores and its
direct sales force. In addition, the company sells a
variety of third-party Apple compatible products, including application
software and various accessories through its online and retail stores. The
Company also employs a variety of indirect distribution channels, such as
third-party cellular network carriers, wholesalers, retailers and value-added
resellers. During 2015, the Company’s net sales through its direct
and indirect distribution channels accounted for 26% and 74%,
respectively, of total net sales.
Of the $233.7 billion of Apple total net sales in FY’15, $140.1 billion were the
cost of sales. This resulted in $93.6 billion of gross profit and a gross margin of
40.1%. Apple other operating expenses were $22.4 billion. These include
research and development expenses, and selling, general, and
administrative expenses. This resulted in $71.2 billion of operating
income and an operating margin of 30.5%. After interest and
other non-operating income and expenses and income taxes,
Apple had a net income of $53.4 billion and a net margin of
22.8%.
5. SHAREHOLDERS
Individual and institutional investors have large positions in Apple Inc.
(NASDAQ: AAPL). Apple is the largest company in the United States,
with a market cap of $633 billion as of November 2015. The
ubiquitous company is known for its iPhones and iPads.

Apple enacted a seven-to-one stock split in 2014 after the share price
reached over $640. CEO Tim Cook said the share split would help make
the stock more attractive to a wider array of investors at a lower price. Apple
is a very popular stock in the market, with an average volume of 55 million shares
traded a day. Many insiders at Apple own large stakes in the company, along with
institutional investors who have massive positions.

TIM COOK
Tim Cook is one of the largest insider shareholders
in Apple, according to U.S. Securities and Exchange
Commission (SEC) filings. He owns 1.17 million
shares as of August 2015. These shares have a
market value of around $135 million as of
November 2015.
Cook was named chief executive officer (CEO) of
Apple in August of 2011, succeeding founder Steve
Jobs. Prior to being named CEO, Cook served as
Apple’s chief operating officer (COO) responsible
for the company's international sales and
operations. This included the supply chain and
sales activities for the company. Cook previously
worked for Compaq.
ARTHUR LEVINSON
Arthur Levinson is another major inside shareholder in Apple. Levinson
owns 1.13 million shares as of May 2015. Levinson is the chairman of
the board for Apple and the current CEO of Calico, an independent
research and development (R&D) biotech company established by Google.
Calico is focused on the goals of combating aging and related diseases. It is a
subsidiary of Google, now being restructured into Alphabet.
Levinson was formerly the CEO of Genentech.

CRAIG FEDERIGHI
Craig Federighi is another major inside shareholder in Apple,
with over 439,000 shares as of October 2015. Federighi is a
senior vice president of software engineering and oversees
the development of iOS, OS X and Apple's common operating
system engineering teams.

CARL ICAHN
Carl Icahn is a well-known activist investor and a top 10 institutional holder of Apple
stock. Icahn has sought changes in Apple and how it uses its substantial cash
reserves. Icahn owns over 52 million shares of Apple with a market value over $5.8
billion as of October 2015. Icahn first released information on acquiring a large
interest in Apple through Twitter in August 2013. That October, Icahn disclosed a
large 4.7 million share position in the company. He sent a letter to Cook urging an
increased share buyback of around $150 billion. Apple eventually conceded and
has implemented a substantial capital return program of around $200 billion, to be
completed by March 2017.
Icahn sent another letter in May 2015 stating that Apple shares were worth $240 a
share. They were trading around $128 at that time. Icahn stated that Apple was
undervalued by Wall Street analysts who failed to appreciate the net cash the
company generated from its businesses and the company’s growth prospects in
entering new markets. Icahn further voiced his support for an Apple car and an
Apple TV.

VANGUARD FUNDS
The Vanguard Group and its various mutual funds are the largest institutional
holders of Apple stock. The Vanguard Group alone owns over 329 million shares,
with a market value of over $36 billion as of October 2015. Four Vanguard mutual
funds are in the top 10 of the largest
mutual fund holders of Apple stock.
These mutual funds combined own over
259 million shares with a market value
of $32.6 billion.
Vanguard is a private investment
management company. It is the largest
issuer of mutual funds in the world and
the second-largest issuer of exchange-
traded funds (ETFs). It created the first
index fund, which tracked the S&P 500.
Vanguard owns large positions in connection with the operation of its mutual funds
and ETFs. Vanguard funds are known for their low expense ratios.
 MICRO ECONOMIC
VARIABLES
1. MARKET STRUCTURE
2. DEMAND AND SUPPLY
3. REVENUE
4. PROFITS
5. SHAREHOLDERS
1. MARKET STRUCTURE
Google (GOOG) has a monopoly in Internet searching, but other than this segment, it is
not a monopoly. Using Google to navigate the web remains the preferred method by
which most people find information online. However, Google is far from a monopoly in
terms of the entire gamut of Internet services. The perception of Google being a monopoly
is derived from the fact it happens to have dominance in the most lucrative area of the
Internet.
Google's monopoly does not come from coercion or anti-competitive practices. Instead, it
is derived from offering a superior product. On the Internet, there is little barrier to entry so
anyone can set up competition at little cost.
Through Google's history, many well-capitalised
companies have attempted to wrest market share away
from it. The most aggressive and recent competitor was
Microsoft's (MSFT) Bing. Even Google at one time was an upstart company that
beat out billion dollar companies such as Microsoft and Yahoo (YHOO), which
were dominant in Internet searches.
Google makes money from searches by selling promoted advertising based on
search keywords. The ads are more powerful than traditional advertising
because they can be targeted by interest and geography. Advertisers like the
program because they can get real-time feedback on the effectiveness and
engagement of their ads. This continues to be the backbone of Google's
business and its major source of revenue.
In 2014, Google had just under $60 billion in revenue with nearly 90%
coming from searches. As of 2015, Google had 75% market share in searches.
People use Google to search nearly 13 billion times per month, which
averages to 26 searches per person per year. There are very few products in the
world with this ubiquity and dominance. Despite these impressive numbers, it
is not fair to call Google a monopoly, because it is not suppressing
competition. There are no significant barriers to entry, and customers have no
significant transaction costs in switching services.
Additionally, the Internet remains in its infancy. The proliferation of the
Internet and the manner in which it has made its way into the daily lives and
activities of human beings is a marvel. Predicting the future is impossible, as
are the winners and losers. New companies will emerge from nowhere, like
Google did less than 20 years ago. The biggest threat to Google and other
Internet companies is less likely to be a well-funded competitor but instead a
teenager playing around with code in her basement.
Google is well aware of this reality and continues to use cash flows coming in
from searches to invest in other ventures. Some of these ventures have been
failures, such as Google Glass or Google Plus, its foray into social media.
However, some of its ventures such as Android, Chrome, Gmail and YouTube
have proved to be successes in terms of user engagement and retention. Yet
even with this traction, Google has not been able to
monetize these offerings. Instead, the Google
search cash cow allows the company to remain
patient while it pursues its broad strategic goals.
In these markets, Google is engaged in intense
competition with some of its rivals. In terms of
mobile operating systems, Google's Android
competes with Apple's (AAPL) iOS. While Google is winning by a market share
measure, Apple is doing better when looking at margins. Google is willing to
break even or lose money on these projects while it gains market share.
Microsoft also continues to pour in billions of dollars in advertising to promote
Bing.
Another threat to Google is Facebook (FB), which has become dominant in
social media. Facebook has plans to bring content creators to its own platform,
negating the need to even have a website. Many Facebook users spend the
majority of their time on the site. Facebook uses its algorithms and social
recommendations to find content users find engaging. Of course if this
strategy becomes successful, it could make searching less lucrative for
Google, as people would spend more time on social media and less
time on the Internet.
2. DEMAND AND SUPPLY
For Google, in the online world demand is mostly unlimited as it is on elf the
main websites or the main search engine that helps a billion eyeballs meet a
billion links with just a few keywords and a couple of clicks. The online world is
a hub for unlimited demand and united
supply and Google sits as a king of this
business.
With Google being the top three online
destinations visited by consumers on a daily
basis for almost anything and everything, it
literally has no friction when it comes to
demand and supply. It’s one of those multi-
billion dollar businesses that spends less money on maintenance and still
makes more money with billions in
profit.
Since Google Inc. mostly makes money
from it’s search engine and
advertisement business, it has a
hardware sector too where it’s mobile
phones and tablets are manufactured
and an R&D department where it’s future projects like the self-driving Google
car and it’s modular phone Project Ara is developed and tested. With it being
80% online services and 20% hardware, it’s
hardware sector is what acts as an anchor for the
company making it the second most
 3. REVENUE

Google was a one-trick pony, with its revenues coming almost entirely from
advertising. According to its 2011 annual report, "Advertising revenues made
up 97 percent of our
revenues in 2009 and 96
percent of our revenues in
2010 and 2011." That
picture changed slightly
with Google's attempt to
move into hardware
manufacturing via its
acquisition of Motorola
Mobility, as you can see in
this chart. But the pending
sale of Motorola Mobility to Lenovo will shift things back to nearly the way they
were. The "Other" category, which includes digital content and non-Motorola
hardware products, is still a tiny fraction of the company's revenues. After the
Lenovo transaction closes, Google's advertising revenues will go back to being
more than 90 percent of its total.  
4. PROFITS
Google is a global technology leader focused on improving the ways people
connect with information. Google offer its products for free to the online users.
Google enables marketers target the online users with its advertising products.
Google generates revenue primarily by selling online advertising over its sites
and its network member sites. Google Network is
the network of third parties that use Google
advertising programs to deliver relevant ads over
their sites. Google generates a small percentage
of revenue from its enterprise products,
consumer content platforms, commerce, and
hardware products.
Of the $66 billion of Google total revenues,
$25.7 billion were the cost of revenue. This resulted in $40.3 billion of gross
profit and a gross margin of 61.1%. Google spent $9.8 billion, $8.1 billion, and
$5.6 billion on research and development, marketing and sales, and
general and administrative expenses respectively. This resulted
in $16.5 billion of operating profit and an operating margin of
25.0%. After interest and other income/expenses and income
taxes, Google had a net profit of $14.4 billion and a net
margin of 21.9%. Here are the definitions of Google’s
key costs and operating expenses:
Cost of revenue. This includes traffic acquisition costs and other
cost of revenue. Traffic acquisition costs consists of the advertising
revenue that Google shares with its network members and the amounts that
Google pays to its distribution partners who distribute Chrome browser or
otherwise direct search queries to Google website.
• Other cost of revenue includes: (a) content acquisition costs, primarily
related to payments to certain content providers who license their
content for distribution on Youtube and Google Play; (b) the expenses
related to data centre operations (including depreciation, labor, energy,
and bandwidth costs); (c) Inventory costs of the hardware Google sells;
(d) Credit card and other transaction fees related to processing the
customer transactions; (e) amortisation of intangible assets.
• Research and development. These expenses consist primarily of: (a)
Labor and facility-related costs for employees responsible for R&D in
existing businesses as well as new
products and services; (b) Depreciation
and equipment related expenses; (c)
Stock-based compensation expense for
employees responsible for R&D.
• Marketing and sales. These expenses
consist primarily of: (a) Labor and
facility-related costs of personnel
engaged in sales and marketing, sales support, and certain customer
service functions; (b) Advertising and promotional expenditures related
to Google’s products and services; (c) Stock-based compensation
expense for employees engaged in sales, sales support, and certain
customer service functions
• General and administrative. These expenses consist primarily of: (a)
Labor and facility-related costs for personnel in Google facilities, finance,
human resources, information technology, and legal organisations;
(b) Professional services fees primarily related to outside legal,
audit, information technology consulting, and outsourcing
services; (c) Amortisation of certain intangible assets; (d) Stock-
based compensation expense.
5. SHAREHOLDERS
In true genius tech startup fashion, Larry Page and Sergey Brin

founded Google in a friend's garage. From its humble beginnings,

as of December 2015, Google is part of Alphabet Inc. and is the

world’s most-used search engine and one of the greatest

entrepreneurial success stories in U.S. history.

SERGEY BRIN
Born in Moscow, Russia, Sergey Brin and his family emigrated to the United
States in 1979 to escape Jewish persecution. While completing his doctorate
in computer science from Stanford, he met Larry Page, and the pair developed
a search engine they called Google as a research project. The two founded
Google in 1998, and when the company had its initial public offering in 2004,
they both became billionaires.
Brin is president of Alphabet, the parent company
created in 2015 to house the corporate structure for
the numerous other projects Brin and Page are
exploring. As of December 2015, Brin has nearly 21
million shares of company stock valued at almost $16
billion and has a net worth of $37.6 billion.
LARRY PAGE
Larry Page is the co-founder of Google and the chief executive officer (CEO) of
Alphabet. Most of his daily responsibilities have been given to Google Inc. CEO
Sundar Pichai to focus on longer-term strategy. An advocate of clean energy,
Page owns a number of homes using fuel cells, geothermal energy and
rainwater capture systems. As
of December 2015, Page owns
75,000 shares of company
stock and is one of the richest
people in the United States
with a net worth of $38.1
billion.

DAVID DRUMMOND
David Drummond was first introduced to Google in 1998 while working as a
partner at one of the nation's leading law firms representing technology
businesses. Serving as the company’s first outside counsel, Drummond
worked with Page and Brin to incorporate the company and secure its initial
rounds of financing. He came to Google in 2002 and is the senior vice
president of corporate development and chief legal officer. He is
charged with the task of identifying business opportunities, possible
mergers and acquisitions, and strategic alliances. Drummond has
owned over 1 million shares of company stock during his stint at
Google. After years of gradual sell-offs, he owns over 18,000 shares as
of December 2015.
JOHN DOERR
A partner at Kleiner Perkins Caufield & Byers, John Doerr is one of the world’s
most accomplished and connected venture capitalists. Doerr has a history of
finding and backing technological innovations and has supported some of the
world’s most renowned entrepreneurs. His technology career began as a chip
maker at Intel in 1974. He went on to found Silicon Compilers, a VLSI CAD
software company, and co-founded
@Home, a national broadband cable
Internet company. Doerr has guided
his firm’s investments in Twitter,
Uber, Amazon, Sun Microsystems,
Square and Nextdoor, and he serves
on the boards of Amyris, Google and
Zynga. As of December 2015, he has
3,400 shares of Alphabet stock and
has a net worth of $4.7 billion.

INSTITUTIONAL HOLDINGS
As of 2015, 64% of Google’s stock is institutionally owned. The Vanguard
Group and several of its mutual funds are the largest institutional holders of
Google stock. The 16.9 million shares of stock owned by the group are valued
at $12.8 billion. Three of Vanguard's funds are in the top five of the largest
mutual fund holders of Google stock. Vanguard’s Total Stock Market
Index Fund owns 5.1 billion shares, its 500 Index Fund owns 3.3
billion shares and the Institutional Index Fund holds 3 billion
shares. Vanguard is the world’s largest provider of mutual funds
and is credited with creating the first index fund tracking the S&P
500. The company has a unique ownership structure as it is
owned by its fund holders with no outside investors.
 CONCLUSION
After considering the same microeconomic factors for both the giants of the
technology industry namely: Apple Inc. & Google Inc. I have come to a
conclusion. Though Apple and Google are the most profitable and the second
most profitable companies of the world respectively, they both excel in
whatever sectors of technology they represent.
Apple Inc. being a hardware company revolutionised the way we use
technology and made us fall in love with it. With it’s State-of-the-Art products
and a massive marketing strategy it rules the technology industry with what it
does. On the other hand, Google Inc. being the king of the online world
mainly the search engine and online ads has revolutionised the way we use
the internet. We can’t imagine a world where we can’t Google something to
know something. Though Google not being so much into the hardware
business still gives us Nexus phones and tablets and most importantly
Android- it’s mobile operating system that in today's time is the widest used
mobile OS in the world amounting to nearly 82% of devices running Android.
Therefore, each of them succeed at what they do and thus, do their job with
utmost perfection.
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