I think this goes without saying, but product announcements are not the only indication of successful R&D. A company can also do serious R&D and gain value from

I think this goes without saying, but product announcements are not the only indication of successful R&D. A company can also do serious R&D and gain value from any patents acquired or products they didn't ship as a result. If anything, I think it indicates where R&D beyond a certain point goes. Companies needs R&D to advance their core products, but if you're doubling R&D spending past that you're probably researching "pie in the sky" ideas that are either far away from feasibility or not directly tied to any core products you currently ship.