Apple only spends about 2% of its revenue on R&D

Apple, the supposed master of innovation, only spends about 2% of it’s revenue on research and development. 

Despite a budgetary increase of 32% from $3.381 billion in 2012 to $4.475 billion in 2013, Apple still spends less than 3% of its revenue (net sales total $170.91 billion so far this year) on Research & Development of new products: something that will surely give ammunition to those skeptics who claim less innovation is taking place under Tim Cook’s command than it ever did while Steve Jobs was at Apple’s helm.