“When Apple reported its second-quarter results yesterday, one of the first things it touted was the ‘strong momentum’ of its Services business, which includes iTunes and Apple Music, the App Store, iCloud, Apple Pay and more,” Rani Molla reports for Recode.
“Apple’s Services segment generated $7 billion in revenue last quarter, its ‘highest revenue ever for a 13-week quarter,'” Molla reports. “It was the second quarter in a row that Services revenue passed $7 billion. And ‘it’s well on the way to being the size of a Fortune 100 company,’ CEO Tim Cook said during the company’s earnings call.”
“For context, that’s a much bigger business than other notable internet services, such as Netflix [$2.64B] and Amazon Web Services [$3.66B],” Molla reports. “Services revenue grew $1.05 billion, or 18 percent year over year. That represents almost half of Apple’s $2.3 billion in overall revenue growth.”
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MacDailyNews Take: As we just wrote this morning, Apple’s Services business is a tremendous machine that hasn’t yet even begun to gallop.
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