If you ask Apple CEO Tim Cook what aspect of Apple’s business investors should be paying more attention to, it’s Apple’s services business. Apple’s services business, comprised mainly of Apple’s App Store and subscriptions like Apple Music and iCloud, is now the second-largest line on Apple’s income statement with quarterly revenue of $7.3 billion, after the iPhone. “Over the last 12 months, our Services business has become the size of a Fortune 100 company, a milestone we’ve reached even sooner than we had expected,” Cook said during Apple’s earnings conference call earlier this week. As a sign of how much services means to Apple, the company added a line about it to its official business strategy included in an SEC filing on Wednesday. “The Company believes ongoing investment in research and development (“R&D”), marketing and advertising is critical to the development and sale of innovative products, services and technologies,” Apple wrote in the filing. Previously, the word “services” was not included in that sentence. Apple’s description of its business strategy does not change drastically from quarter-to-quarter. Apple’s description has stayed largely the same since 2014, with minor updates, mostly to the names of products. Apple also added a mention of… Read full this story
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