> How many customers do you expect to be running on Duo for the first year of its existence? I’d be surprised if it was >0.01% for anyone.

How do you figure? Assume the average Apple cell phone replacement cycle is somewhere between 3 and 4 years. At the longer end, you’d need the sell-through rate of the Duo compared to other phones to be less than 0.04% to hit your number. We know from the Mini and other phones that Apple tends to avoid designs that it expects to have less than a 5% sell rate, two orders of magnitude higher. Even if you assume they’re aiming for 5% of dollars instead of units, and you take into account the non-Apple market (which certainly should not be unit-weighted for folks thinking about app revenue), you’re off by well over an order of magnitude.