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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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  "notes": "Uses Wayback Machine screenshots to highlight a discrepancy between reported stability and observed partner network shrinkage.",
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      "kind": "callout",
      "text": "1,261 decline in the three biggest segments: manufacturing, retail and transportation and logistics. Yet, Zebra shows its sales mix by vertical unchanged since 2020",
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      "text": "partner count: 11,817",
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      "text": "Zebra said 20% of sales are direct and that half the revenue comes from all partners. However, using the Wayback Machine, we see that Zebra's partner network appears to have declined sharply since 2022...",
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      "text": "So I think the -- first, today, we -- 20% of our revenues, we sell direct, we fulfill direct... And then half of the revenues would come from all partners.",
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      "text": "So I think the -- first, today, we -- 20% of our revenues, we sell direct, we fulfill direct. This tends to be our largest, most advanced customers. although our largest customer is actually not fulfilled through a partner. Then we have about 30% where you can say, co-sell. The partner might identify the opportunity to qualify it, and we come in and we help with the, say, the more technical part of the sale. And then a lot of the fulfill would come from the partner. And then half of the revenues would come from all partners. — Former CEO Gustafsson, Bernstein Conference, June 1, 2022",
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      "text": "Source: Channel Partner (Current) vs. September 2022 (Wayback Machine)",
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