Apple's Service Business Could Be the Key to Its Future
Apple (NASDAQ: AAPL) has a new hit product -- and it's not the iPhone X
Apple Music, Apple Pay, iTunes, the App Store, iCloud, and Apple Care are all a part of Apple's services segment -- and services is now Apple's second-biggest "product." Revenue for the segment has more than doubled in the past four years, to over $30 billion.
When people think of Apple, they think of its hardware products -- the iPhone, iPad, and Mac. Sales of hardware, however, have stagnated, a victim of their own success and slowing upgrade cycles. Apple needs a new way to drive profit, and services might just be the ticket to future growth.
Source: Fool.com
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