Apple S Now Worth 3 Hootin Trillion And Half Could Be Thanks To Its Services Biz

Over the years, the iPhone has been the major force behind the Cupertino-based tech giant’s bottom line. More recently, its services business has also become an important contributor. Last quarter, services generated $18.2 billion in revenue for Apple, with 25.6% year-on-year growth. Last week, Daniel Ives, MD of investment firm Wedbush, said in an investor note that Apple’s services business could be worth $1.5 trillion:  The company registered $68.2 billion in revenue in services for the fiscal year 2021. Given its growth record over the years, the $100 billion revenue prediction seems achievable. Apple’s services offering now consists of many products introduced over years: App Store, iCloud, Apple Music, Apple TV+, Fintess+, the Apple One subscription plan, Apple Card, and Apple Pay. As Reuters noted, the firm’s shares are trading at almost 30 times its 12-month revenue of $366 billion. For comparison, Hong Kong’s GDP in 2020 was $346 billion.