Apple 2.0

Covering the business that Steve Jobs built

How Apple's business grows

July 20, 2011: 1:07 PM ET

A snapshot -- by revenue stream -- of an extraordinary quarter

Click to enlarge. Source: Asymco.com

Asymco's Horace Dediu is still trying to wrap his head around the earnings report that Apple (AAPL) issued Tuesday, in which the company announced that it had made more money in its June quarter than it did in December, even without a new iPhone.

But one thing, he says, is clear:

"One of the most common themes during the last year was that Apple's growth rate was unsustainable. The theory cited was one of the 'law of large numbers.' Apple's performance shows it to be nonsense.

"Instead of decelerating, Apple's growth is accelerating."

To help visualize what just happened, Dediu has produced this lovely chart. Note that he uses calendar quarters (which begin in January) rather than fiscal quarters (which for Apple begin after the last Saturday in September). For the rest of his analysis, click here.

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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