How Apple Makes Money, and What Its Business Model Actually Is

Companies and Brands You Know • Beginner Investing • 6 min

The iPhone remains Apple's single largest revenue source by a wide margin, historically making up roughly half of total company revenue — but Apple's fastest-growing, highest-margin business isn't a physical product at all. Apple's "Services" segment — the App Store, iCloud, Apple Music, AppleCare, Apple Pay, and similar recurring offerings — has grown steadily as a share of total revenue and carries meaningfully…

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