This Was Apple's Biggest Catalyst in Q3 (Hint: It Wasn't Services)
With Apple (NASDAQ: AAPL) returning to growth in its recently reported fiscal third quarter, some investors may assume it was the company's services business that played the biggest role in this feat. After all, it's the company's second-largest segment and has been consistently growing by double digits for years. But the wearables, home, and accessories segment actually contributed more growth to Apple's top line during the quarter.
The segment, which includes revenue from the Apple Watch and HomePod, saw revenue increase by $1.8 billion to $5.5 billion. Over the same time frame, services revenue grew by a lesser $1.3 billion, hitting a record $11.5 billion. Services revenue, therefore, was greater than wearables, home, and accessories revenue, but the latter segment accounted for more of Apple's year-over-year increase in revenue during the period.
Here's a closer look at the wearables, home, and accessories segment and why it is such an important catalyst for the company.
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