Apple (AAPL - Free Report) recently added a new section to its App store, which is solely dedicated to apps for clicking self-portrait-style pictures, more popularly known as selfies. This newly-devised section, Sharing Selfies, will be available on both the mobile and desktop versions of the App Store for iOS devices.
The term ‘selfies’ was coined to describe self-portraits, which users of smartphones and other devices post on social media networking sites. The term became popular after it was declared to be the Word of the Year by the Oxford Dictionary in 2013.
The Ellen DeGeneres selfie at the Oscars this year ended up being one of the most retweeted photographs in the history of Twitter (TWTR - Free Report) .
The App Store’s new section will cater to the needs of all those people who feel the urge to click their own photographs and share them with others. It features numerous applications such as Snapchat, Picr, Frontback, Samba, Facetune, and many more. Some of these applications are free while others are paid ones.
We believe that Apple’s intention to extend its foothold into new product categories in the near term will drive growth and profitability going forward.
Apple’s loyal customer base, international expansion and a solid cash position are expected to aid long-term growth. However, increasing competition from the likes of Google and Microsoft (MSFT - Free Report) in most of its major product segments, higher operating expenses and increasing legal complexities are headwinds.
Currently, Apple has a Zacks Rank #3 (Hold).