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Apple (NASDAQ:AAPL) co-founder Steve Wozniak is concerned that the iPhone, once a revolutionary new addition to the world of smartphones, is rapidly falling behind competitors’ devices, especially those made by Samsung (SSNLF.PK). The two dueling tech companies currently account for more than 100 percent of the mobile phone market, as a result of Motorola (NYSE:MSI), Sony (NYSE:SNE), and Nokia’s (NYSE:NOK) losses.
Apple and Samsung operate very differently — the former exclusively updates the iPhone, while the latter releases a variety of devices that fit into many price ranges. But Wozniak admits: “Currently we are in my opinion…somewhat behind. Others have caught up. Samsung is a great competitor. But precisely because they are making great products.”
However, he is still confident in Apple’s ability to maintain excellent profit margins, something he credits to customer loyalty and the mission of original investors. “Apple was profitable from the start,” he says. “Mike Markkula always preached that one must have a good profit margin.”
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