Being a one-trick pony can definitely be worrying. But are other companies so different? 92% of Google's revenues come from ads against 63% of Apple's revenue

Being a one-trick pony can definitely be worrying. But are other companies so different? 92% of Google's revenues come from ads against 63% of Apple's revenues coming from the iPhone. I think saying that Apple is playing catchup on innovation needs to be flushed out, but you're right that the possibility for serious trouble is slim, but not non-existent. However, is the possibility for serious trouble greater than, say, for Google? Google is facing European regulators unhappy about a single firm controlling 90% of the searches. The iPhone and OS X are going to have ad-blocking with iOS 9 and OS X 10.11. Think of all those iPhone users now blocking ads. The iPhone is 44% of the market in the US. All companies face threats to their future earnings. Walmart faces Amazon and potential wage increases. Apple faces consumers deciding they don't need a new iPhone. Google faces regulatory unhappiness about monopolising information access combined with loads of iPhone users turning on ad-blocking. Heck, Google faces the potential of Apple switching to Bing as the default for the iPhone and drawing a lot of traffic away from Google (and iPhone users tend to punch above their weight in terms of dollars spent and time on device compared to Android users). Microsoft faces everyone moving to mobile and Windows and Office becoming relics of the past. UPS and FedEx face the prospect of Amazon and others using automated delivery methods. The auto-industry could be facing self-driving cars from new entrants including Apple and Google while self-driving technology poses a threat to their very existence as an independent industry. Heck, with self-driving cars, it's simple for anyone with a bit of capital to create a viable Uber competitor in a way that is extremely difficult when recruiting human drivers - Uber could be disrupted before it even becomes profitable. The point being that companies face a bunch of threats to their long-term profitability because of a lack of diversification. It would be great to see Apple more diversified, but I think your suggestion of "slim, [but] not nonexistent" is the right attitude. It would be great if Apple were more diversified, but it would be great if a lot of companies had easy, public answers to how they would deal with a major disruption to their main revenue source. I'm sure Apple is thinking about this a lot.