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Apple’s Services Segment most growing with over 161% Revenue Increase in 5 years

Data gathered by Buy Shares shows that Apple’s services segment grew by 161.63% between the third quarter of 2015 and the third quarter of this year. The figure makes it the most growing segment for the tech giant.

iPhone revenue declines

At the end of the third quarter of 2015, services recorded a revenue of  $5.03 billion growing to  $13.16 billion in the third quarter of this year.  In the second quarter of this year, the revenue was $13.35 billion, representing a growth of 4.95% compared to $12.72 billion in revenue recorded in the first quarter.

The segment registered a slight drop of 1.86% between the fourth quarter of 2018 and the first quarter of last year. On the other hand, Apple’s iPhone segment recorded a negative growth declining by 15.77% during the same period. In the third quarter of 2015, the revenue was $31.37 billion while currently, it stands at $26.42 billion.

During the period under review, Mac sales averaged at $6.2 billion with a growth of 17.41% during the review period.

In the third quarter of 2015, iPad revenue was $4.54 billion which has grown by 44.93% to $6.58 in the third quarter of these years. Lastly, revenue from wearables, home, and accessories had a percentage growth of 144.31%.

Apple’s 2020’ results are viewed positively considering the circumstances. According to the research report:

“Notably, Apple’s revenue from other segments was projected to drop in the second and third quarters of this year after retail stores were closed due to the coronavirus pandemic. CEO Tim Cook is on record acknowledging that the company was hit by the pandemic but users now rely on Apple products to stay connected, informed, creative, and productive.”

The company is set to reopen retail stores in areas that are flattening the Covid-19 curve.

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