On Tuesday, Apple said services—the App Store, iTunes, Apple Pay, iCloud and more—generated more than $27.8 billion in revenue for the 12 months ended July 1, making it the equivalent of a Fortune 100 company and larger than Facebook Inc.’s total revenue in 2016.
The company hit the Fortune 100 milestone a full quarter before predicted by Chief Executive Tim Cook, as rising subscriptions to Apple Music, Netflix Inc. and other services lifted services revenue 22% in the June quarter to $7.27 billion. The iPhone is still Apple’s chief moneymaker, but services combined with better-than-expected iPad and Mac sales reduced Apple’s total revenue from the iPhone to 55% in the quarter from 57% a year ago.
How many product lines does Apple have that is bigger than most other entire companies? iPhone. iPad. Mac. (One day, Apple Watch?) And now their first, as far as I know, non-hardware one: Services. Yeah, it's a bunch of stuff bundled together. But it's no less impressive. Especially how fast it continues to grow.Read more...