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Services Could Generate Half of Apple's Profits by Mid-Decade

Adam Levy, The Motley Fool
·4-min read
Services Could Generate Half of Apple's Profits by Mid-Decade
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Tim Cook set out to double Apple's (NASDAQ: AAPL) services business revenue from 2016 to 2020 -- and the iPhone maker's CEO succeeded. Last year, Apple's services brought in nearly $54 billion in revenue, more than double the amount they generated in 2016. Importantly, most of Apple's services have much higher gross margins than its hardware sales.