Apple's profits prove that it can cure its dependence on the iPhone

If you had told a serious Apple watcher two years ago that the company's shares would rise after reporting a decline in iPhone sales, they would have called you crazy.

But that's where we were Wednesday morning after Apple announced in its third quarter financial results that its iPhone sales had dropped 12% from the same quarter of the previous year. In fact, iPhone sales accounted for less than half of the company's sales for the quarter for the first time since 2012. (Previously, iPhone revenues accounted for as much as two-thirds of Apple's sales.)

This change proves that Apple is dismantling its addiction to the iPhone. Its fate is no longer tied to a single device, but to an expanding ecosystem of digital services and hardware accessories that can spur growth and deliver solid results to lower iPhone sales. And in the years to come, opportunities to continue the trend are not lacking.

Let's take a look at the statistics:

Apple has achieved a $ 25.99 billion business figure on the iPhone during its third fiscal quarter. This represents a decline of 12% over the same quarter of last year and 48% of Apple 's overall business figure, which stands at $ 53.8 billion. This is also the first time that the iPhone accounts for less than 50% of quarterly sales since 2012.

The clothing business, which includes AirPod headphones, Apple Watch and Beats, reported $ 5.53 billion. That's 48% more compared to the same quarter of last year. And the category is now generating more revenue than iPad or Mac businesses. Apple's chief financial officer, Luca Maestri, also said Tuesday that the category's growth was accelerating by more than 50%.

Apple's new darling, the service industry, has also shown strong growth. It grew 13% over the same quarter last year, with revenues of $ 11.46 billion. (Apple CEO Tim Cook said growth was 18% if you take into account the one-time settlement of the dispute and exchange rates.)

IPad and Mac activities are stable. Thanks to a multitude of recent upgrades for Mac and iPad, these two companies have increased slightly compared to the same quarter of the previous year. They may not look as exciting as the excessive growth of apparel and services, but they work as a stability engine for Apple. In addition, other upgrades are planned for Macs and iPads this fall.

If you add up all this, you get what looks like an increasingly diverse business with more promising growth in the immediate future.

This is particularly true for the service sector, which is expected to grow further in the second half of this year with the launch of new products such as the Apple Card, the Apple Arcade Game Service and the Apple TV + Video Streaming Service. Do not be surprised to see a multitude of new services other than those related to health care, transportation, etc.

Nevertheless, there are also obvious warnings. Apple's activities outside the iPhone remain anchored in the device. That's why the company is touting its active iPhone user base instead of the number of units sold. Each of these nearly one billion users is an opportunity for Apple to increase its sales of services and accessories.

But Apple has shown its willingness to abandon its so-called walled garden and place its digital services on third-party products such as Samsung TVs and Amazon Echo speakers. Cook hinted during Tuesday's announcement that the trend will continue. And iPhone users remain extremely loyal, even if they do not perform upgrades as often as before. A robust service company only increases the rigidity of the iPhone.

As the results of Tuesday showed, the iPhone is perhaps the most important and most profitable product of Apple, but the company has found a way to diversify and grow without relying solely on him.