Apple is not dependant on the iPhone.

Apple

Apple

The tech giant has diversified to focus on other areas such as its Music streaming service and payments cloud storage, and its iPhone, which is still the company's biggest seller, is now worth less than half of Apple's revenues.

Additionally, Independent.co.uk reports that the iPhones revenues are dropping, while services such as Apple Music, iCloud and Apple Pay and other technology including the Mac, iPad, and accessories have all experienced significant sales growth.

Apple posted quarterly revenue of $53.8 billion in the three months to June 29, which was an increase of one per cent from the same period last year.

Apple chief executive Tim Cook said: "This was our biggest June quarter ever - driven by all-time record revenue from services, accelerating growth from wearables, strong performance from iPad and Mac and significant improvement in iPhone trends."