iMore:

The iPhone dominates Apple’s product sales and its balance sheet. And like a star exerting gravitational influence over its planets, many aspects of Apple’s business are perturbed by the existence of the iPhone.

When Apple reports its results, the iPhone stands center stage. When iPhone sales slip, as they did last quarter, the entire company is questioned. But we shouldn’t lose sight of the rest of Apple’s business, most notably the Mac and the iPad.

Remove the iPhone and iron out the seasonality, and what you see is a remarkably stable, successful business.

As some of we lonely voices in the wilderness keep trying to point out, Apple is a remarkably successful company even without huge iPhone sales numbers (and keep in mind, last quarter’s iPhone numbers, while lower than what Wall St wanted, are still on par with Apple’s most successful ones) and in particular when you keep in mind where Apple has come from. It really brings to the fore the fact that Apple Inc is completely different from AAPL.