Apple’s revenue has pretty much stopped growing. This chart shows the quarterly revenue the company has reported – a series of ever larger spikes upward around new product launches, but with a flattening trajectory.
If you look at this on a a trailing 12 months basis, to smooth out the spikes and see the underlying trend, you see a very clear ‘S’ curve. And the US revenue is pretty much flat, though China is certainly growing.
Apple has three main buckets of revenue – iPhone, iPad and everything else. If you split these out, you can see that the really dramatic slowdown is actually in the iPad business, not iPhone. This is something of a change – a year ago the general narrative was around the rather obvious ceiling on iPhone sales and the possibly huge but unknowable potential of the iPad. Now things have turned around. MORE