“Asymco’s Horace Dediu has found a novel way to highlight a source of growth within Apple (AAPL) that is often overlooked,” Philip Elmer-DeWitt reports for Fortune.

“He’s stacked Google’s (GOOG) core business (i.e. without Motorola and ‘other’) against Apple’s iTunes/Software/Services division,” P.E.D. reports. “Taking into account the 30% [sic] [recte 70%] Apple pays app developers (which the company doesn’t report as revenue), Dediu figures the group had ‘gross’ revenues of $23.5 billion with growth of 34% year over year.”

P.E.D. reports, “‘On a yearly basis,’ he writes, iTunes ‘is nearly half of Google’s core business and growing slightly faster.'”

Read more, and see the charts, in the full article here.

MacDailyNews Take: Yet Apple supposedly deserves a P/E ratio of 13.15 while Google gets a 30.76?

[Thanks to MacDailyNews Reader “Craig C” for the heads up.]