Apple’s services business now the size of a Fortune 100 company

Apple's services business now the size of a Fortune 100 company

Apple’s services business is now the size of a Fortune 100 company. Speaking to investors and press on Apple’s Q3 2017 financial results call, Apple noted that the company’s services segment grew 22% over the same time in 2016.

Here’s what Cook had to say:

Services revenue hit an all-time quarterly record of $7.3 billion, representing 22% growth over last year. We continue to see great performance all around the world, with double-digit growth in each of our geographic segments. 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.

Apple CFO Luca Maestri noted on the call that Apple now has 185 million paid subscriptions across all of its services, with 20 million subscriptions coming in the last 90 days.

For Apple, the services segment includes iCloud, the App Store, Apple Music, Apple Pay, AppleCare, and iTunes. In Apple’s third fiscal quarter of 2017, the area accounted for $7.3 billion out of the company’s total revenue of $45.4 billion.

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