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Apple Services, a division of the tech giant responsible for services such as iCloud, Apple Music, Apple TV+, Apple Arcade, Fitness+, and others, is generating more revenue than some of the biggest companies in the US, according to Finbold.
With $79.4 billion in revenue in 2022, the division has outperformed companies such as Boeing ($66.6 billion), Intel ($63.1 billion), Nike ($49.1 billion), American Airlines ($49 billion), Coca-Cola ($42.3 billion), and McDonald’s ($23 billion).
Apple’s services segment hit an all-time high recently when the company reported $20.77 billion in revenue for services in its latest financial report.
The strength of the Apple Services business is helping the tech giant insulate its earnings growth from the challenges faced by its supply chain. The company is also looking to expand its services portfolio with new offerings, such as Buy Now, Pay Later features for Apple Pay.
Finbold is optimistic about the future of Apple Services and believes there is significant growth potential in both the consumer and enterprise markets. Other analysts have also recognized the importance of Apple Services as a key driver of growth for the company.
