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Apple To Grow Services Business

Apple’s services business is set to double by 2020, according to a Credit Suisse analyst.

The upbeat report comes as analyst sentiment around Apple has been improving. In the company’s latest quarterly report, services accounted for just eight percent of total revenues at roughly US$6.1 billion. But the segment has been expanding, with sales up 26 percent from the same time a year ago.

Already gross profits from internet services, AppleCare, Apple Pay and licensing have grown to $14.5 billion a year from $3.2 billion in 2010, analyst Kulbinder Garcha said.

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