[acdha]

That’s a bit too simplified, though, bordering on the shareholder value fallacy. Efficiency isn’t an objective fact in most cases and reasonable people can disagree about whether something has benefits on a different timeframe (e.g. R&D) or which are hard to quantify (cutting support & customer relations often seems like a pure win at first). Some shareholders thought Apple wasted too much money developing personal music players and should stick to computers, and listening to them would have cancelled the iPod and never reached the iPhone.

Given that they are reporting solid profits on very large revenue volumes, I don’t think you can make the case that this was a financial necessity and the scale is too large to have had much detailed thought going into it. (And “excess bureaucracy” is cut by sacking the C/VP-level managers who built it, not the rank and file implementing those policies.)