https://9to5mac.com/2022/08/03/aapl-investors/
AAPL investors need to see inside the company’s “$70 billion black box,” say analysts – a reference to Apple lumping together all its Services revenue into one figure, despite the fact that it effectively covers ten different businesses with the company.
Apple used to be relatively open about its sources of income, including reporting individual sales figures for iPhone, iPad, and Mac.
That changed in 2018, when the company announced that it would cease to report sales numbers, and would instead reveal only the revenue stream for each product line. Given the range of retail prices for different models, that made it much harder to get a sense of how well particular product lines were selling.
Apple reporting Services income as a single figure didn’t used to be much of an issue back in the days when we knew it was the App Store plus much smaller miscellaneous income for other things.
But things are very different today. Services is a huge element of the company’s earnings. The business is worth way more than Mac and iPad put together, and it’s getting close to the combined totals of Mac + iPad + AirPods + Apple Watch. Heck, as of the most recent numbers it’s almost half as big as iPhone revenue!
iPhone: $40.67 billion
Mac: $7.38 billion
iPad: $7.22 billion
Wearables: $8.08 billion
Services: $19.60 billion
Service is also the only part of Apple’s business where revenue (almost) only moves in one direction – up.
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