Contents

Apple reported record revenue and profit in its fiscal Q1, with iPhone sales making a positive contribution on a trailing 12-month basis for the first time since 2018

Services are a vital part of the growth strategy, and should be extremely profitable

However, Apple’s services strategy is at the sharp end of regulatory concerns about gatekeeping platforms

Figures and Tables

Figure 1: Average change in retail and recreation mobility from baseline, Q4 2020 (%)

 Figure 2: Annual revenue growth by segment (4Q trailing basis, $bn)