What just happened? This time in 2019 Apple CEO Tim Cook was issuing glum revised guidance amid falling smartphone demand. Now iPhone sales are up 8% to $56bn in the first three months of the 2020 fiscal year and Apple is celebrating an estimate-beating three months for revenues and profits.

This is not the result of a revolutionary new product. The iPhone 11 was released in September 2019 to good reviews but was not considered radical. Streaming service Apple TV+ was supposed to be the smash hit of 2019 but lost momentum with a number of ho-hum programmes. Coyness over sign-up numbers suggests it did not equal the 10-million people who subscribed to Disney’s service when it launched.

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