Apple Defies Low Expectations With Services Strength Despite a
10.5% decline in iPhone sales to
$46 billion, Apple’s Q2 2024 results exceeded pessimistic forecasts. Total revenue dipped
4% to
$90.8 billion, but the services segment shined, growing
14% to a record
$23.9 billion, now over
25% of sales. With
2.2 billion active devices and
1 billion paid subscriptions, services are a cash cow. Apple also announced a massive
$110-
billion buyback, driving shares
up 7%.
For startup founders, Apple’s resilience underscores the value of diversifying revenue streams beyond flagship products. Building recurring services revenue can provide a cushion during sales slumps and open new growth avenues, exemplifying the importance of continually evolving business models.
Source #CapitalStats
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