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.
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