What just happened? Apple’s not having the best time right now. In the wake of falling iPhone sales, the firm has lost its title as the world’s most innovative company. Having jumped from fourth place to the top of the list last year, Apple has now fallen to 17th position.
The iPhone X, AirPods, and its augmented reality endeavors helped Apple take the number one spot on Fast Company’s annual innovation list in 2018. But this year it has been replaced by Meituan Dianping, a Chinese app maker that “expedites the booking and delivery of services such as hotel stays, movie tickets and food.”
Fast Company senior editor Amy Farley told CNBC that Apple had lost its crown because “they didn’t really break new ground with their devices, and hardware sales were sluggish.” A new report from Gartner says iPhone sales were down 2.7 percent to just over 209 million units across 2018, a result of the problems Apple is facing in the Chinese market.
Fast Company did praise Apple for its A12 Bionic chip—the first 7nm processor to launch in a smartphone. But while the SoC is unquestionably powerful, the three iPhones it appeared in last year didn’t set the world on fire.
The second position on the most-innovative list is Grab, a Singapore-based ride-hailing firm. The rest of the top five is made up of the NBA, Walt Disney Company, and Stitch Fix. Twitch took the number 10 position—the Amazon-owned streaming service was recognized for its “growing prowess.”