Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN) – Apple Clears The Shelves Of Rival Products As It Gears To Launch New Line Of Headphones, Speakers


Apple Inc (NASDAQ: AAPL) has pulled audio products such as headphones made by rivals from its online and physical stores as it prepares to launch its own, Bloomberg reported Monday.

What Happened: The Cupertino, California-based tech giant stopped selling headphones and wireless speakers from makers such as Sonos Inc (NASDAQ: SONO), Bose Corporation, and Logitech International SA (NASDAQ: LOGI) at the end of September, according to Bloomberg.

Apple’s removal of rival devices reportedly comes at a time it is developing new products of its own in the audio segment. The company is in plans to launch over-ear headphones before year-end and also a smaller version of its HomePod smart speaker, as per Bloomberg.

As of Monday, the only headphones on offer by the Tim Cook-led company are AirPods and AirPods Pro, in addition to those made by its Beats unit.

Logitech subsidiary Ultimate Ears and Bose confirmed the development to Bloomberg.

Apple told Bloomberg that it makes changes to products as new third-party accessories are released and the needs of customers change.

The removal of devices could have occurred as early as Sept. 15, The Verge reported based on Google cache results.

Why It Matters: Apple is developing its own AirPods Studio headphones which will be manufactured in Vietnam, as the Cupertino company looks to diversify its manufacturing. 

In 2014, the tech giant stopped selling Fitbit Inc (NYSE: FIT) wearables after it introduced the Apple Watch.

The company also removed devices made Bang & Olufsen earlier this year, Bloomberg reported.

The iPhone maker is likely to hold a hardware event on Oct. 13, as per Apple Insider.

The date would coincide with Amazon.com, Inc (NASDAQ: AMZN) Prime Day sales event, allowing the consumer electronics giant to leverage the resulting sales rush.

Facing antitrust related criticism, Cook recently said Apple is engaged in “street fights” for market share and told the Atlantic, “There is no monopoly here.” 

Price Action: Apple shares closed almost 3.1% higher at $116.50 on Monday and fell 0.64% in the after-hours session.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



Source link