One thing propelling Apple's market cap is the company's new focus on its services business. The catch-all category includes software subscriptions like iCloud and Apple Music, App Store downloads and a portion of transactions users make in the apps they download, AppleCare warranties, money from Google to make its search engine the default on iPhone, and cuts from its Apple Pay payments service.
from $2.95 billion in fiscal 2011 to $53.77 billion in fiscal 2020 has given investors confidence that it can find new revenue streams even as iPhone sales slow.Steve Jobs, chief executive officer of Apple Inc., unveils the iPhone 4 during his keynote address at the Apple Worldwide Developers Conference in San Francisco, California, U.S.Jobs was known as a product-focused CEO who was involved in the development of new devices from their conception until they were on store shelves.
In 2015, Apple released Apple Watch, a companion for the iPhone that tracked heart rate, displayed notifications and worked with a variety compatible watch bands from fashion brands like Hermes.one estimate from Counterpoint Research Apple also released AirPods in 2016. Similarly, Apple has never announced financial results from the AirPods, but the company's wireless headphones accounted for just under half of wireless headphone sales in 2020,In 2011, Apple's "other" category, at the time called "peripherals and other hardware," reported $2.3 billion in sales. By 2020, after being bolstered by the release of both Apple Watch and AirPods, it had more than $30.
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