Apple’s stock has been on a tear ever since the company’s quarterly year-on-year iPhone revenue growth went negative.  Of course, the market had anticipated it and sold-off prior to the hard data coming out.   As the following chart illustrates,  Apple’s stock rose 88.9 percent as the iPhone revenues simultaneously experienced four quarters of y/y negative growth in its 2019 fiscal year.

Show most any stock jockey/algo the following chart and we bet they will deny it.

The iPhone still makes up over 60 percent of the company revenues.  Wearables are on a tear, up 37 percent with services still showing strength, up 16.92 percent year-on-year.

As much as Wall Street wants to disbelieve,  Apple is still a hardware company, deriving over 85 percent of its revenues from products that you can drop on your feet.

Interestingly,  revenue growth was strongest in the region perceived to be the weakest economically.

Now that the company has reestablished revenue growth the question is:  Is it priced?

Watch yesterday’s low $304.88.

P.S..  Since Tim Cook stopped reporting the data summary table and breaking out unit sales of its hardware, it’s much more difficult to analyze the numbers.  It looks like it worked for him given the stock’s performance over the past year.