Apple Inc. (AAPL) reported a decline in internet browser searches last month, marking the first time this has occurred. This news sent shockwaves through the tech industry, particularly impacting Alphabet Inc. (GOOG), whose stock was significantly affected.
Investor Reactions
Well-known investors Josh Brown and Joe Terranova expressed their concerns on CNBC about the implications of Apple’s statement:
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Josh Brown, CEO of Ritholtz Wealth Management, called Apple’s revelation "extremely significant" for Alphabet Inc. He noted that the duopoly in internet ads between Alphabet and Meta (META) is now uncertain due to AAPL’s statement.
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Brown highlighted that Alphabet’s dominance in internet ads, historically accounting for 70% to 80% of all ad dollars combined with Meta, may be changing. He described Apple’s statement as "a watershed moment," stating that "for the first time, Google finds itself competing in core search."
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Joe Terranova, Senior Managing Director for Virtus Investment Partners, echoed these sentiments, calling it "the most important thing I’ve heard this year." He emphasized the substantial daily revenue flowing through Google and warned that its market share is being eroded by alternative search engines like Bing and DuckDuckGo.
Concerns Over Competition
Terranova expressed concerns about emerging competition to Google’s search business, stating:
- "For a number of years, there have been concerns about whether [Alphabet] was effectively dealing with emerging competition to their search business."
- He pointed out evidence from Apple, which does not use Google as its default browser, indicating that AI models are taking market share away from Google.
Stock Market Impact
Following Apple’s report of lower-than-expected quarterly results, Alphabet shares fell more than 2%. The company’s stock price dropped $18 per share after hours, following an announcement that it would no longer include data on searches conducted using third-party browsers such as Safari or Chrome when reporting overall web traffic numbers.
Apple’s move could potentially hurt Alphabet’s ability to compete against other companies vying for ad dollars. Google has long dominated online advertising revenue, largely due to its ownership of both Android phones and YouTube, while Apple devices come pre-installed with Safari.
Market Share Insights
According to Statista, mobile operating systems accounted for nearly 90% of total global smartphone operating system shipments last year, with Android devices making up around 70% and iOS around 20%.
Last month marked only one instance since January where fewer people used Safari compared directly against Chrome. Brown noted, "this could be extremely significant" if true. He explained that historically, Google Chrome always came out ahead in usage statistics.
- Safari users make up just under half of all web traffic according to SimilarWeb data. Based on these numbers, Apple would need more than double current usage levels before reaching parity with Chrome.
Terranova added, "I think this will continue until some point next quarter," suggesting that real traction for Apple may be on the horizon.
Conclusion
The implications of Apple’s recent statement and the subsequent decline in browser searches could signal a shift in the competitive landscape of internet advertising and search engines. As alternative search engines gain traction, Alphabet may need to adapt to maintain its market share in the evolving digital ecosystem.
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