Services Are the Rising Star at Apple
When people think of Apple, they think of hardware first. iPhone, iPad, MacBook and iMac – those are the products that have made Apple what it is today: the most valuable company in the world.
Over the past few years however, another part of Apple’s business has quietly overtaken all but one of the above. Apple’s services segment accounted for $7.04 billion in revenue in the past quarter, making it the second largest contributor to overall sales behind the company’s cash cow, the iPhone, which brought in $33.25 billion in the quarter that ended April 1.
With Apple Music, Apple Pay, iTunes and the App Store as well as iCloud and Apple Care, Apple’s services business has become a beast of its own in recent years. As our chart illustrates, services revenue increased by more than a billion compared to last year’s March quarter and nearly doubled since the same period four years ago. Apple’s ambitions go much further than that though. Earlier this year, CEO Tim Cook announced that the goal was to double revenue from services by 2020. During yesterday’s earnings call, he stood by that goal saying that the services business was on target to be the size of a Fortune 100 company this year.
- Apple Pay: reasons U.S. non-usage as of November 2014Apple Pay: reasons U.S. non-usage as of November 2014
- Monthly reach of Apple music and Spotify in the Netherlands 2017, by age groupMonthly reach of Apple music and Spotify in the Netherlands 2017, by age group
- Number of Apple Music subscribers worldwide 2015-2016Number of Apple Music subscribers worldwide 2015-2016
- Brands: leaders in consumer engagement and expectations in the U.S. 2017Brands: leaders in consumer engagement and expectations in the U.S. 2017
- Global NFC mobile payment users 2012-2018 Global NFC mobile payment users 2012-2018
- Apple's revenue broken down by geographical region 2012-2017, by quarterApple's revenue broken down by geographical region 2012-2017, by quarter
- Apple's revenue share by operating segment 2012-2017, by quarterApple's revenue share by operating segment 2012-2017, by quarter
- Apple's product unit sales by segment 2012-2017, by quarterApple's product unit sales by segment 2012-2017, by quarter
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