There’s no single factor that explains Apple’s record earnings in the holiday quarter. The reality with a company of Apple’s size will always involve multiple elements, some of which will be rather mundane.
Services revenue, for example. Sure, the story Apple would like to point to is the glitz of its latest high-profile launch, Apple TV+, but there’s almost nobody paying for it at this point. The largest single contributor of Services cash will likely be the billions that Google pays to be the default search engine on iOS devices. A further significant chunk will come from the equally boring AppleCare policies, iCloud storage tiers, and the like.
But I think there is also a more exciting aspect to it…
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