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Despite the usual doom and gloom reporting that we got leading up to Apple’s Q3 2019 financial results — or stock manipulation depending on your point of view — the company managed to largely beat expectations.
But not escape the doom and gloom. Not entirely.
I get that there are people and press that are glass half empty and some, like myself, who tend towards glass half full. But, increasingly, all we’re seeing is glass smashed and all the tasty beverage spilled out all over the table, and that’s just a waste of good beverage.
iPhone revenue was down 12% year over year, but the active install base — those billion phones in our pockets, y’all — was up thanks to switches, upgraders, and new customers alike.
Mac and iPad were both up. Services revenue, which includes Apple Music and Apple Care, was up 13%. Wearables, which includes Apple Watch, AirPods, and Beats, was up 50%.
So, what’s the problem?
Well, depending on how you tilt your head and squint, factoring in seasonality and a myriad of other factors, for the first time since 2012, the iPhone accounted for less than half of Apple’s revenue.
And, where Apple was previously accused of being…