Asymco‘s Horace Dediu is still trying to wrap his head around the earnings report that Apple (AAPL) issued Tuesday, in which the company announced that it had made more money in its June quarter than it did in December, even without a new iPhone.

But one thing, he says, is clear:

“One of the most common themes during the last year was that Apple’s growth rate was unsustainable. The theory cited was one of the ‘law of large numbers.’ Apple’s performance shows it to be nonsense.

“Instead of decelerating, Apple’s growth is accelerating.”

To help visualize what just happened, Dediu has produced this lovely chart. Note that he uses calendar quarters (which begin in January) rather than fiscal quarters (which for Apple begin after the last Saturday in September). For the rest of his analysis, click here.