Apple CEO Tim Cook (C) joins customers during Apple's iPhone 16 launch in New York on September 20, 2024.
Apple's second-largest division after the iPhone has turned into a $100 billion a year business that Wall Street loves.
In Apple's earnings report on Thursday, the company said it reached just under $25 billion in services revenue, an all-time high for the category, and 12% growth on an annual basis.
Apple's services unit has become a critical part of Apple's appeal to investors over the past decade.
After Thursday, Apple's services business alone, based on its most recent run rate, would land around 40th on the Fortune 500, topping Morgan Stanley and Johnson & Johnson.
Persons:
Tim Cook, Apple's, Apple, Luca Maestri, We've, Cook, Morgan Stanley, Johnson, Maestri
Organizations:
Apple, Services, SEC, Google, Apple Pay, Johnson
Locations:
New York, Europe