Apple’s R&D expenditures reach the highest levels in years

Apple’s fiscal second quarter report Tuesday showed research and development spending surging by 31% year-over-year, even as revenue slid by 13%. That means Apple spent about 5% of its revenue on R&D during the period, its highest level in years, notes The Wall Street Journal.

In a conference call with analysts, Apple Chief Financial Officer Luca Maestri said the company has a “much broader portfolio” of internal initiatives and projects that includes more “in-house technology development” than it used to have. Those projects could well involve the long-rumored Apple Car and virtual reality/augmented reality projects.