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Apple shares tend to be relatively range-bound and haven’t recently been higher than about 16 times forward earnings.If the hundreds of millions of people who rely on their iPhones buy more video game apps, newspaper subscriptions, Apple headphones and other accessories, those “services” will make Apple less reliant on the hit-or-miss cycle of consumer electronics.

And Apple and the stock-investing world have discussed for a while the company’s ability to sustain revenue growth independent of iPhone product cycles.

That is near a five-year peak of 15.8 set in May

Apple’s stock is trading about 15 times expected earnings over the next 12 months, according to Bloomberg data based on a blend of quarterly estimates.

The stock rose as much as 3.7 percent to $174.26, briefly breaching $900 billion in market value, amid declines in the broader market.

Apple Inc’s shares rose to a record high on Friday as more analysts set a trillion-dollar valuation on the company, following a blowout fourth quarter and an upbeat forecast that quashed investor concerns around the iPhone X.

The stock climbed above its intraday record high to $159.10 after the company reported better-than-expected iPhone sales, revenue and earnings per share.

Apple Revenues Pre-iPhone vs Post-iPhone.

In FY’15, Apple generated $234 billion in revenues. Since iPhone began selling in June 2007, the last quarter of FY’07 had few revenues from iPhone as well. Apple reinvented the phone with iPhone and that changed the fortune of the company.In FY’07, Apple had $24.6 billion of revenues. Fast forward eight years, in 2015, two-thirds of Apple total revenues came from iPhone. Leading the way was Apple’s iPad sales, which were up 15 percent from last year Revenue grew about 6 percent year over year, and profit was up 12 percent over the same period in 2016.

Today the company posted its third quarter earnings, and it’s clear Apple has found a way to restore some of the lost momentum.

The iPhone product line contributed 12 percent of quarterly revenue growth

30, the services business - a grab bag including revenue from App Store sales, AppleCare warranties, Apple Pay and more - contributed 38 percent of Apple’s revenue growth.

In Apple’s fiscal fourth quarter ended Sept.

Share of Apple’s revenue by product category from the first quarter of 2012 to the third quarter of 2017.

iPhone counts for more than 60% of Apple’s net sales:

The following table presents iPhone net sales and unit sales information for 2017, 20 (dollars in millions and units in thousands).

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We also had great results in enterprise and education with double-digit growth and worldwide customer purchases of iPad and Mac in both markets.And revenue from emerging markets outside of Greater China was up 40%.We generated revenue growth across all of our product categories and showed all time record results for our services business.In fiscal 2017, we reached $30 billion making our services business already the size of a Fortune 100 company.Net sales increased 6% or $13.6 billion during 2017 compared to 2016, primarily driven by growth in Services, iPhone and Mac.The Company’s customers are primarily in the consumer, small and mid-sized business, education, enterprise and government markets.During 2017, the Company’s net sales through its direct and indirect distribution channels accounted for 28% and 72%, respectively, of total net sales.