Overview Key strengths Key risks Strong brand loyalty and profitability despite a highly competitive market characterized by rapid technological evolution and short product life cycles. High product concentration, with iPhones accounting for over half of total revenues. Expanding services and wearables, home, and accessories business segments help diversify revenue concentration away from iPhone. Ongoing U.S.-China trade friction and global supply chain constraints continue to hurt Apple?s revenues. Significant cash and investment balance and consistently strong free operating cash flow that provide capacity to fund ongoing shareholder returns and potential acquisitions, while maintaining a conservative balance sheet. . Apple?s revenue for the last 12-months ended March 26, 2022, grew by 19% year-over-year, driven by its flagship iPhone (iPhone 12 released in
