This chart shows very clearly why the iPhone is so important to Apple

Apple turned 40 on Friday, marking another big milestone for the world's most valuable company.

Since its founding in 1976, Apple has consistently churned out hit products, including the early Apple computers and the iPod.

But none of them mattered more than the iPhone to Apple's overall success. As this chart by Statista shows, Apple's revenue saw a sharp increase only after the release of the first iPhone in 2007. That year, Apple had a mere $24 billion in annual revenue. In 2015, Apple reported $234 billion in revenue.Advertisement

There's been some concerns of a slowing iPhone sales, given it accounts for roughly 70% of Apple's total revenue. But recent analyst reports suggest the worst of iPhone's slump may be over, citing improvements in supply chain orders.



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