Apple's services unit is now a $100 billion a year juggernaut after 'phenomenal' growth [MSNBC.com]
Apple Inc. (AAPL)
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Source: MSNBC.com
In this articleApple CEO Tim Cook (C) joins customers during Apple's iPhone 16 launch in New York on September 20, 2024.Timothy A. Clary | Afp | Getty ImagesIn 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. "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 Apple's overall margin of 46.2%.Services contains a wide range of different offerings. According to the company's SEC filings, it includes advertising, search licensing revenue from Google, warranties called AppleCare, cloud subscription services such as iCloud, content
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