Josh Centers over at TidBITS:
Apple has not just a diverse portfolio, but a diverse portfolio of strong products backed by both physical and online distribution options that keep revenues balanced even in the toughest times. A brick-and-mortar retailer like Dollar General would be devastated by store closures, but for Apple, it was only an annoyance that could be mitigated by the Apple online store. Netflix lives or dies by its subscriber figures, but a dip in Apple TV+ subscriptions is mitigated by a music service, a credit card, warranties, and even a fitness service. HP is nothing without PC and printer sales, but the Mac can coast along at times thanks to Apple’s other offerings.
Even the iPhone, the linchpin of Apple’s renaissance, doesn’t make or break the company, as shown in the tumultuous Q2 2020, when the Services and Wearables category pushed Apple to very slight growth despite declines in every other category (see “Apple’s Q2 2020 Was a “Very Different Quarter” Than Expected,” 30 April 2020). The company can monetize the millions of existing iPhones with services and accessories, and then bolster its financial results with Mac and iPad sales.
To think that Apple is just an iPhone company is ignorant.