Apple's Q2 earnings beat estimates on revenue guidance for Q3. But that growth will be driven by 'everything but the iPhone' says Goldman Sachs.
Apple has been highlighting growing product segments like wearables and services as a bright spot in its quarterly results as iPhone sales continue to decline.Apple's fiscal second quarter earnings surpassed Wall Street's expectations, suggesting that the company's slowdown in iPhone sales may have bottomed out and that the stage is set for it to further monetize its 1.4 billion installed base.
, it's other product areas like the iPad and Mac that will be responsible for driving growth in the third quarter, according to Goldman Sachs. The firm writes: Apple reported $31.1 billion in iPhone sales, which beat Wall Street's projections of $30.5 billion but still represents a 17% year-over-year decline. However, Apple is seeing growth elsewhere, most notably in its wearables, home, and accessory product division as well as its services and the iPad.
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