Apple (AAPL, Financial) also contributed to performance during the quarter. Apple grew revenues +3% (foreign exchange adjusted) as its various product lines normalized against difficult comparisons. Apple's installed base continues to grow and is at over 1.8 billion devices and helps drive a software and services business that makes up about a third of the Company's gross profit dollars. As we have highlighted in the past, Apple's relentless focus on the development and integration between hardware (especially integrated circuits) as well as software, continues to add significant value for customers of their products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners 1st-Quarter 2023 letter.
