Breaking Down Apple's Fourth-Quarter Performance

The transcript discusses Apple's stock performance, highlighting a significant beat in services and gross margins. It analyzes iPhone sales, noting that revenue guidance for the holiday quarter is below last year's high. The impact of iPhone pricing on replacement cycles is explored, with a focus on the upcoming 5G cycle. The discussion also covers the growth of Apple's services business and the challenges of transitioning revenue from hardware to services.

What role do services play in Apple's future revenue growth?

What challenges does Apple face in maintaining its services revenue in relation to hardware sales?