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Apple Inc. (AAPL) Can’t Give Up In IoT, Says This Expert

It is about time Apple Inc. (NASDAQ:AAPL) launched a substantially new Apple TV, Alex Gauna of JMP Securities tells Cory Johnson in an interview on Bloomberg West.

According to the JMP Securities Managing Director, Apple, which owns one of the most profitable businesses ever, is even late in the game when it comes to the Internet of Things space.

The comment comes from the expert after a report from The New York Times revealed, citing people familiar with the matter, that the iPhone maker is making major changes particularly to the remote of its Apple TV. The new remote, it is reported, will be touch-enabled hinting at a new interface for the Apple TV.

“I’m glad you said ‘finally’ Cory because it seems like we’ve been down this path before when we’ve been expecting an update only to be disappointed in the end by either a lackluster refresh or no change at all but this time, there seems to be enough anecdotal signs that we are coming into a new remote, hopefully a new interface as well for Apple TV and it’s really about time for Apple. It has fallen grossly behind in this market. […] Apple really needs to make some moves [in the Internet of Things space],” Gauna tells Johnson.

Apple Inc. (NASDAQ:AAPL) is expected to significantly revamp the Apple TV. A Buzzfeed News report last March citing “sources familiar with the company’s plan” point to the possibility of Siri and a new dedicated App Store to be included with the Apple TV.

Cory Johnson points out that with the new development surrounding the Apple TV may point to Apple giving up on the content package it was also rumored to be developing for the Apple TV. Johnson did suggest, however, that the new Apple TV remote may be a play for the Internet of Things space as it may also work with other devices from the consumer electronics giant which are found around the home.

“JMP Securities really believes in this Internet of Things future not just for Apple, Amazon and others. We’re talking about almost 15 billion connected devices today. It’s not too far away until we will see the next 15 billion connected devices. If you think about what Apple can do around smart TV with Airplay, the interconnectivity to the PC, to the Mac, all of these things come to play for Apple,” Gauna tells Johnson.

Apple Inc. (NASDAQ:AAPL) cannot give up in the Internet of Things space, Gauna adds.

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Ken Fisher’s Fisher Asset Management owned about 10.76 million Apple Inc. (NASDAQ:AAPL) shares by the end of the last quarter of last year.

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