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Apple Is 'Well Positioned' Now but Should Eventually Diversify Its Revenue

Eventually, Apple needs to rely less on the iPhone, but for now, the company is well positioned with the iPhone 7, according to one expert.
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Eventually, Apple (AAPL) - Get Report needs to rely less on the iPhone, but for now, the company is well positioned with the iPhone 7, according to one expert. Apple sold 45.5 million iPhones during its most recent quarter, a decrease of 5% year-over-year, but still slightly above Wall Street's forecasts. But that figure doesn't tell the entire story. "[The quarter] only included 9 days of the iPhone 7; most of the quarter came from the prior [iPhone 6S launch], which was lackluster," said Angelo Zino, an equity analyst at CFRA Research. TheStreet's Scott Gamm reports from Wall Street. 

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