Apple Inc. AAPL is reportedly considering adding advertising to Maps, mirroring Alphabet Inc.'s GOOG GOOGL Google Maps model.
What Happened: During a recent all-hands meeting, Apple's Maps division revisited the idea of monetizing its navigation app, said Bloomberg columnist Mark Gurman in his latest weekly "Power On" newsletter.
Apple previously explored integrating search ads into Maps, allowing businesses to pay for higher placement in search results, similar to Google Maps.
This move would align with Apple's broader advertising strategy, which already includes search ads in the App Store, as well as ads in Apple News and Stocks.
Why It Matters: In 2023, during an antitrust trial against Google it was revealed that Google Maps usage on iPhones has dropped sharply. Since Apple switched to its own mapping service, Google has regained only 40% of its previous mobile traffic.
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Last month, Apple posted fiscal first-quarter revenue of $124.3 billion, surpassing analyst expectations of $124.13 billion. Services revenue reached $26.34 billion, rising from $23.12 billion a year ago.
Price Action: Apple’s stock climbed 0.02% to $244.65 in after-hours trading, following a 1.27% rise to $244.60 at Friday’s close, as per Benzinga Pro.
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