“Steve Jobs likes to describe Apple’s ( business model as a stool built on three-legs: the Mac, the iPod and the iPhone,” Philip Elmer-DeWitt reports for Fortune. “But a quick glance at the 2009 Form 10-K, which Apple filed on Tuesday, shows that it is now more like a four-leg chair, with a couple of wedge-shaped pillows on the side.”
“The Mac and iPod still bring in the biggest part of Apple’s total sales revenue — 37.7% and 22.1%, respectively — but their shares of the pie are shrinking,” Elmer-DeWitt reports. “The iPhone, meanwhile, is rapidly catching up, thanks to unit sales that grew 68% and revenue (swelled by deferred revenue dating back to 2007) that grew 266%. The iPhone now accounts for 18.5% of Apple’s sales, just behind the iPod.”
Elmer-DeWitt reports, “The fourth leg of the chair is the line item Apple calls ‘other music related products and services'” but which is mostly iTunes Store sales — music, video and apps. It continues to grow at a steady pace and now represents about 11% of Apple’s net sales.”
The full article – recommended – has pie charts that clearly show the changes in Apple’s product mix here.