$AAPL metric: focusing is "aggregated gross margin". So, for hardware the gross margin was 34.3%. Services gross margin was 62.8%. Installed user base means they can spend more on services, similar to Netflix, which trades at a higher multiple.https://wsj.com/livecoverage/apple-q1-2019-earnings-and-conference-call-iphone-inventory/card/1548800518… via @WSJ