In a note to clients — as noted by The Street — Credit Suisse said Apple investors can expect the company to double revenue from its services segment by 2020.
Apple services include Apple Music subscriptions, iTunes Music, iCloud storage plans, paid apps from Apple’s App Store, and Apple Care service plans, Apple Pay, etc. The services biz saw its highest revenue ever for a 13-week quarter in Apple’s fiscal 2017 second quarter that ended April 1, 2017.
Credit Suisse expects services revenue to rise to $52 billion by the end of the decade “driven by a high quality, affluent, digitally transacting user base of 1.1 billion devices and around 650 million users.”
