One thing is abundantly clear in Apple’s second-quarter earnings: Apple is a phone company first and foremost. The firm sold 61.2 million iPhones last quarter, up a staggering 40% year-over-year. iPhone sales accounted for nearly 70% of the company’s total Q2 revenue. Phone sales are down from the last quarter when Apple sold a record 74.5 million of them, but that figure got a big boost from excitement over new models—the iPhone 6 and iPhone 6 Plus—and the holiday shopping season, factors that didn’t apply in Q2. The iPhone’s stellar Q2 numbers couldn’t come at a better time for Apple.

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