This seems more like any company simply trying to maximize revenue and profits rather than something to do with being public.

but only public companies have to maximize revenue to the Nth degree, publicly. If the company isn't public, you have a far smaller audience to impress, and one that can be made to understand nuance. Eg how is Dell doing? Few really know since they went private.

That’s a fine argument if you explain why a yearly release cycle hurts long term total revenue as well. To me it seems to help it.

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The main reason I go for the newest android phone possible is to make sure I get updates. Only in the last year have google and samsung increased their update commitments to the point that a year-old phone is acceptable.