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The revenue mix of Apple changes quarterly. iPhone launches, festive season spending and new product releases all have an impact. One thing that you can count on is constant growth in services revenue.
In 2018 services was 10% of sales. Now it's consistently around 20%. In the latest earnings call Tim Cook mentioned that there are now more than 2 billion active Apple devices. That is a massive installed base to work with. Apple Pay alone has 935 million users. The potential to on-sell new valued-added services is huge.
A picture is worth a thousand words, so here's Apple's revenue breakdown over the last 5 years from our friends at App Economy Insights.
