### Comment:
What’s the point of developing a phone every 6 months if people are upgrading at longer and longer intervals. Subscription for Apple Music is nice but I doubt they’re actually making profits on it.  Same goes for Apple TV, the only people I know that have are the ones that got it free. Again, you didn’t adress the elephant in the room. Revenue decline yoy.

### REPLY:
Recurring revenue addresses those concerns. Recurring revenue from subscriptions will explode.

### END.