Fifteen years after its launch, the iPhone “continues to change the world”, said Tim Cook, Apple’s chief executive, as the company reported quarterly earnings on July 28th. It has certainly changed Apple. In an otherwise bumpy week for technology stocks, the world’s most valuable company beat forecasts to report a modest year-on-year increase in revenue. That was in large part thanks to the iPhone, which generated sales of more than $40bn in the latest quarter.
Yet as the worldwide smartphone market matures, the iPhone’s dominant role in Apple’s fortunes is diminishing. Whereas at its peak the device made up two-thirds of the firm’s revenue, in the
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