Apple is in an economic tug of war as declining iPhone revenue is offset by growth in all other product categories. When Apple reports on 3Q19 earnings on Tuesday, we'll get the last snapshot of how this tug-of-war plays out.
While the press remains enchanted by the story that lowering iPhone sales drives Apple to become a service company, which is not true, so intensely focuses on services that the lack of attention is given to the incredible growth that is seen with Apple's portable platform and the snooze history going on with the iPad business.
Historically, Apple's revenue from FY3Q (April to June) has proven to be more of a wildcard, as the FY4Q revenue guidance is heavily dependent on the time of product launch in September. This gives a situation where easy guidance can be explained more easily than in any other quarter.
Prior to Apple's 3Q1
Revenue from products vs. Services
4Q19 Income Guidance
The following table contains the parent Apple 3Q19 estimates.