Apple's services unit is now a $100 billion a year juggernaut after 'phenomenal' growth
Publishing timestamp: 2024-10-31 20:35:28
Summary
Apple's services business has reached a milestone of $100 billion in revenue, with a 12% growth on an annual basis. The services division, with a gross margin of 74%, has become a critical part of Apple's appeal to investors. The recurring revenue from subscriptions in the services business is seen as more reliable than hardware sales. Apple's fourth-quarter results beat expectations, but net income slumped due to a one-time charge. The company is focused on growing its services business alongside its installed base.
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Keywords: technology, entertainment, business news, tim cook, earnings, breaking news: technology, apple inc, mobile, business, iphone,