The company’s gross margin has consistently been below the industry average, dropping to 23% in 2024 and then recovering to 24.7% in the first three quarters of 2025—still far below the 28%–32% level of leading players. Raw material costs accounted for as much as 87.5%, and rapid expense growth further squeezed profit margins. Overall, the company’s scale advantage stands out, but its earnings are not sufficiently stable. Growth remains primarily driven by store count, and operating efficiency urgently needs improvement.
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Avoid These AirPodsThe Apple AirPods 4 (2024) are Apple's latest version of its entry-level AirPods. You'll have the choice between the standard version ($129) or the model with ANC ($179). Unfortunately, they still lack eartips for a proper seal, which makes the noise canceling barely noticeable, and their battery life is among the worst in the industry. Plenty of other options perform better for less money—including options from Beats. The only good reason to buy the standard AirPods is if you, like my brother, simply can't keep regular earbuds with dedicated eartips in your ears—a shockingly common problem.