Apple's services unit is now a $100 billion a year juggernaut after ‘phenomenal' growth [CNBC]
Apple Inc. (AAPL)
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In its September quarter, the company reported just under $25 billion in services revenue, equaling $100 billion a year. “It's an important milestone,” Apple CFO Luca Maestri said on a call with analysts. Apple's second-largest division after the iPhone has turned into a $100 billion a year business that Wall Street loves. In Apple's earnings report on Thursday, the company said it reached just under $25 billion in services revenue, an all-time high for the category, and 12% growth on an annual basis. “It's an important milestone,” Apple CFO Luca Maestri said on a call with analysts. “We've got to a run rate of $100 billion. You look back just a few years ago and the the growth has been phenomenal.” Apple first broke out its services revenue in the December quarter of 2014. At the time, it was $4.8 billion. Apple's services unit has become a critical part of Apple's appeal to investors over the past decade. Its gross margin was 74% in the September quarter compared to App
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