Apple used to be viewed as a “technology” company. Many now view it as a consumer electronics company. But Apple faces an issue very common in the connectivity business, namely the challenge of finding a brand-new, sizable revenue stream to replace its lead product.
For telecom service providers, that problem has been the challenge of replacing voice revenues (actually long distance profits in the 1980s and 1990s, followed by access lines in the first decade of the 21st century).
A look at Apple’s revenue sources shows the magnitude of the challenge. At least so far, a growing services business is too small to move the needle. If any new hardware product is to emerge, it has not done so, yet.