Apple announced another impressive financial quarter, but iPhone revenues dropped by an alarming 15 percent, indicating a unit sales drop-off that is much worse than that of the overall smartphone industry.

“While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide,” Apple CEO Tim Cook said in a canned statement.  “Our active installed base of devices reached an all-time high of 1.4 billion in the first quarter, growing in each of our geographic segments. That’s a great testament to the satisfaction and loyalty of our customers, and it’s driving our Services business to new records thanks to our large and fast-growing ecosystem.”

Apple posted net income of $20 billion on revenues of $84.3 billion in the quarter ending December 31, 2018. Those are impressive figures, for sure. But revenues fell markedly from the $88.3 billion posted in the same quarter a year ago.

Apple no longer provides unit sales figures for individual products. So we only have a few data points to work from.

First, iPhone revenues dropped 15 percent to $52 billion. So Apple’s most important business is still directly responsible for 62 percent of its total revenues. Add in the Services business—which is valid since those services only exist because of iPhone—and we see that they together contributed almost 75 percent of Apple’s total revenues.

Interestingly, Apple reported that its other businesses, collectively, grew by 19 percent. Mac, iPad, and wearables all saw revenue increases from the same quarter a year ago.

Apple’s vaunted Services business, meanwhile, continues to grow—it hit $10.87 billion in the quarter, up 19 percent year-over-year. But Services still constitutes under 13 percent of Apple’s revenues. If this business magically doubled, it would still provide less than half the revenues of iPhone. (And that’s never going to happen, at least in the short term, of course.)

Apple also reported that it generated a cash flow of $26.7 billion in the quarter. The firm now has a net cash balance of $130 billion.

Apple expects to post revenues of $55 billion to $59 billion in the current quarter. In the year-ago quarter, it reported revenues of $61.1 billion