Apple has clearly been trying to position itself as something other than the iPhone Company for the past few years. And Apple's fiscal fourth-quarter earnings, released yesterday (October 29), illustrate why Tim Cook has been so eager not to put all his eggs in the smartphone-type basket.

Revenue from Apple's iPhone business fell 21% y/y in the three months ended September 26 as the iPhone 12 launch was pushed back to October; despite the hit to iPhone sales, Apple posted record sales for the September quarter.

Instead, long-trusted segments like Macs posted record revenue in this particular quarter. Revenue from services also posted record numbers, and the iPad and wearables businesses also posted strong growth.

In fact, Apple CFO Luca Maestri told investors that if you ignore the iPhone, Apple grew 25% overall and achieved double-digit revenue growth in all other categories.

Did I mention the iPhone? That name doesn't ring a bell.

The iPhone's fate is not so dire. According to Cook, until mid-September, demand for Apple's phones was up by double digits, exceeding internal forecasts. At that point, cell phone shoppers closed their wallets in anticipation of the iPhone 12 launch.

The arrival of the iPhone 12 and iPhone 12 Pro this month, as well as the iPhone 12 mini and iPhone 12 Pro Max, will energize Apple's holiday business. (The global pandemic continues to be a pandemic disease, which means that such things are difficult to predict.)

Even if the launch of the iPhone 12 will further up the ante, it is clear that Apple has a lot to be excited about across its many product lines. In the rapidly expanding services space, the App Store, iCloud, Apple Music, and payments have become record-breaking businesses; wearable products, including AirPods and the Apple Watch, have generated close to $7.9 billion in sales; and the iPhone 12 has been a big hit with consumers. The iPad division, which had been flat for several years, also showed strong growth thanks to recent updates.

While Apple did not speak with analysts, there are numbers on its balance sheet that tell the story of the company's direction. Apple's fiscal year 2020 operating expenses include nearly $18.8 billion in research and development expenses, a 16% increase from what the company spent in 2019; in the September quarter alone, research and development expenses increased 21%.

What is Apple spending that extra money on? The company does not talk about future products in its earnings presentations with investors. But it is safe to assume that it is not all being spent on things like future iPhone innovations. With rumors suggesting that Apple is working on everything from AR glasses to automotive products, this expansion of R&D spending suggests that Apple's pipeline is in no danger of drying up any time soon.

In fact, we may be getting more products sooner rather than later. Earlier this year, Apple announced plans to manufacture its own chips for computers, just as it does for phones and tablets. Its first Apple Silicon Mac should appear before the end of the year, probably at a launch event in November.

"Without giving too much away, there are a few more exciting things coming this year," Cook said.