It was a rare and highly unexpected advertising misstep from Apple (NASDAQ:AAPL). The tech giant’s advertisement for the latest iteration of its iPad drew a barrage of criticism from netizens for its celebration of the destruction of human creativity. Now, the iPhone maker is making an apology.
“Crush” Got Crushed
The ad in question, named “Crush,” depicted a variety of creative tools getting crushed by a compressor with the iPad Pro emerging in their place once the machine lifts. The ad was panned by creatives, marketing professionals, as well as a host of celebrities.
Now, Apple has issued an apology for its gaffe and scrapped plans to air the advertisement on television. Tor Myhren, Apple’s Vice President of Marketing Communications, conceded to AdAge that Apple missed the mark with the “Crush” video.
The advertising mishap has overshadowed Apple’s unveiling of its thinnest-ever iPad as well as its new M4 chip. Apple hopes to stem a major slump in its tablet business with the new iPad models. According to the Wall Street Journal, sales at Apple’s tablet unit have dropped in nine out of the past 10 quarters. In Q2, iPad sales made up just 6.1% of Apple’s total revenue pie, down from 7% a year ago.
Meanwhile, its “Crush” ad was still up on YouTube at last check. The video has garnered nearly 1.4 million views on the platform so far, up from about 600,000 views yesterday.
Is Apple a Buy, Sell, or a Hold?
Apple’s share price has ticked lower by nearly 4% so far this year. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average AAPL price target of $204.39. This implies a nearly 10.7% potential upside in the stock.
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