Last week, Apple’s Q3 2019 financial results caused a bit of a hubbub because iPhone revenue was — for the first time in seven years — less than half of Apple’s overall revenue. The cause is a slowdown in iPhone sales combined with dramatic growth in two other areas: wearables and services.
But this is hardly the first time Apple has experienced a major change in the shape of its business. In fact, Apple is a company that’s rarely stood still in terms of its evolution…
By my back-of-the-envelope calculations, Apple has generated $450 billion in profit since 2000, $429 billion of that in the last ten years, and $277 billion of it in the last five years.
MacDailyNews Take: As we wrote last week, Apple is in transition from riding the most successful product of all time to diversification (which should be music to AAPL investors’ ears).
That’s also great news for fans of Apple’s products and services as it ensures the company will be around for a very long time making Macs, iPhones, iPads, Apple Watches, Apple TVs and providing myriad services like Apple News+, Apple TV+, Apple Card, AppleCare, Apple Arcade, etc.