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 create downside exposure to revenues. Significant cash balance and strong free operating cash flow provide capacity to fund ongoing shareholder returns and potential acquisitions while maintaining a conservative balance sheet. Tepid consumer demand and spending for smartphones, PCs, and tablets due to a challenging macroeconomic environment and high inflationary pressure. Apple?s revenue was down 1% year-over-year during the
