But Other Business Ventures Are Booming
More than anything else, this suggests that Apple isn’t going anywhere. And, in fact, the company could still see strong performance and growth in the future, even without the iPhone at the helm.
The Mac and iPad lineups grew 11 percent and 8 percent from this time last year. Wearables, Home and Accessories business (which includes AirPods and the Apple Watch) grew a staggering 48 percent year-over-year. That category now brings in just as much money as the iPad.
A lot of emphasis has been placed on Apple’s Services business, which may overtake the iPhone as the company’s primary revenue driver. Last quarter, Services grew 11 percent and its revenue reached an all-time high of $11.5 billion.
Interestingly, Apple’s Services category is now bigger than all of the company’s businesses 10 years ago.
And even when it comes to the iPhone, things are looking up for Apple. Apple managed to reverse course on iPhone revenue, tracking a 12 percent decline year-over-year. That’s better than the 17 percent slump Apple reported last quarter.
All of these numbers paint a picture of a company that’s doing fine despite declining sales of its flagship product.