Why Tuesday Is Apple's Most Important Day in Three Years

Apple introduced the first iPhone in 2007, and in the 10 years since, the company has sold more than 1.2 billion of the 15 models it has developed. The iPhone accounts for nearly two-thirds of Apple's revenue; in the fiscal year ending September 30, Apple is on pace to sell more than $140 billion in iPhones, more than the total revenue of all but about a dozen US companies, according to S&P CapitalIQ. Sales and profits from the device have helped the company amass a staggering $261 billion in cash and made Apple the most valuable company in the world. Which is why the unveiling of a new iPhone heralds the most important day of Apple's year. How well those phones sell shapes Apple's fortunes over the following year and helps determine how much money it can plow into its increasingly diverse initiatives in artificial intelligence, cars, and entertainment.