With its latest financial results, Apple is showing it can move beyond the iPhone with gadgets and services that can help the California tech giant weather the slumping smartphone market.
“Apple has been signaling for a while that its plan was to diversify into services and we’ve seen from the latest results that this strategy is working quite well.”Apple’s update should allay investor concerns that the company’s growth could be hobbled by a sputtering smartphone market, said a research note from Gene Munster and Will Thompson of the equity firm Loup Ventures.
“I believe the iPhone success is a double-edged sword for Apple because it has become such a dependency for the company to achieve its growth targets, yet the market is clearly showing a stabilizing or even shrinking demand,” Newman said in a research note. “I still think that ending its dependence on the iPhone is a very distant dream meaning Apple will continue to live and die with the success of this product,” Windsor said in a blog post.
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