Apple has ridden the iPhone’s success to record-breaking profits and now it stands on the brink of becoming the world’s first trillion-dollar company. But investors are split on whether the iPhone has enough momentum to push it over the threshold — or if the device is the very thing holding it back.

Apple investors get jumpy about iPhone sales with every quarterly report, writes Tim Bradshaw at bizjournals.com.

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The quarterly cycle is familiar to seasoned Apple watchers: leaks from Chinese electronics manufacturers or cautious comments from Apple’s suppliers in their own earnings calls start to sow doubts over the iPhone’s performance. Apple’s shares start to fall, its stock market valuation sometimes shedding tens of billions of dollars in a matter of days.

Yet there is stability and predictability to be found in another part of Apple’s quarterly numbers. The company’s second-largest source of revenue is not the iPad, the Mac or even the Apple Watch — but its “Services” business.

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