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Last week, Apple’s Q3 2019 financial results caused a bit of a hubbub because iPhone revenue was—for the first time in seven years—less than half of Apple’s overall revenue. The cause is a slowdown in iPhone sales combined with dramatic growth in two other areas: wearables and services.

But this is hardly the first time Apple has experienced a major change in the shape of its business. In fact, Apple is a company that’s rarely stood still in terms of its evolution.

To prove the point, let’s step through 20 years of Apple’s business, five years at a time.

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