Copyright computerworld
Apple will announce that its services business achieved over $100 billion in annual revenues in the last year, according to the Financial Times. If true, this would be a major achievement. Many might recall that eight years ago Apple CEO Tim Cook declared Apple’s intention to double the size of its services business by 2020, when he was aiming to raise $50 billion a year in the segment. “We feel great about this momentum, and our goal is to double the size of the services business in the next four years,” he said at that time. Apple’s hugely successful services pivot It took just two years to get there, achieving near $46.3 billion in services revenue in 2019. That was double the income generated by the segment in 2016, when Apple reached $24.3 billion in services revenue. The services segment was the size of a Fortune 50 company by 2022, when it reached $75.1 billion — bigger than IBM.
