Apple had a stellar holiday quarter. There are several things that stood out, which contributed to their record quarter, which showcases the incredible foundation Apple has laid as a global business.


  • Revenue grew in nearly all geographies. Apple’s hardware growth was global, and the growth of its services was global.
  • The active installed base continues to grow. Apple reported its customer base size is now 1.5b devices in use, nearly one billion of those iPhones (my estimate)… Apple is benefitting from a slow leak of Android particularly when countries see economic growth, and a rising middle class emerges.
  • The iPhone will have a solid 2020. From a Wall St. perspective, the worst of the iPhone sales declines appear to have happened. … A starting price of $699 for iPhone 11 helped as well and will continue to help for the remaining quarters.

What is most impressive about the Dec quarter earnings was that Apple set an all-time record in revenue without needing to set a record in iPhone sales.

I’ve long argued Apple is a product company that is among the best at customer experiences.

For Apple to have the confidence to share an estimate like this, it means they have seen relatively steady and predictable metrics.

Apple’s ultimate goal with AppleTV+ is something I’m still looking for evidence with, given the increased competition.

I find it fascinating demand for Apple Watch Series 3 is still so high. … This is a positive for the business because those customers will likely now stay loyal to Apple Watch, and upgrade at some point down the line.