With the iPhone business maturing, investors are wondering what the next big growth driver will be for Apple stock.
Recently, two businesses have given Apple’s sales and profits a boost: services and wearables.
In the December quarter, Apple’s services revenue rose 6% year over year to $20.77 billion. Meanwhile, its hardware sales declined 8% to $96.39 billion. Services include the App Store, AppleCare, iCloud, Apple Pay, Apple Music, Apple TV+, Apple Arcade and other offerings.
In late October, Apple raised prices for the first time on its Apple Music and Apple TV+ services. It also hiked the price for its Apple One services bundle.
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