% of Apple revenue driven by iPhone sales: Fiscal Q3 2018: 63% Fiscal Q3 2019: 48%
For the first time in nearly seven years, Apple’s AAPL, -0.43% flagship product accounted for less than half of its quarterly revenue, according to an earnings report released Tuesday. Third-quarter iPhone sales of $25.99 billion marked a sharp decrease from a year ago, when iPhone revenue totaled $29.47 billion.
“Overall, we would characterize this quarter/guidance as a major feather in the cap for the bulls that should drive the stock to new highs over the coming months despite many peers yelling fire in a crowded theater ... over the past few months,” Wedbush Securities analyst Daniel Ives said in a note late Tuesday, in which he maintained an outperform rating and $235 price target.
The heir apparent to Apple’s revenue throne, the surging Services division, isn’t nearly as large as the iPhone unit, and faces increasing pressure to carry the load going forward. Apple TV+, the company’s forthcoming streaming service, could offer a boost, but it faces competition from stalwart Netflix Inc. NFLX, -2.03% as well as newcomers Walt Disney Co. DIS, -1.00%, AT&T Inc.’s T, -0.47% HBO Max, and Comcast Corp.’s CMCSA, -0.34% NBCUniversal.
“In terms of 5G, we’re in the extremely early, early innings of it,” Cook said in the conference call, though he refused to discuss Apple’s product roadmap.
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