In its last fiscal year, Apple generated $100 billion in revenue that was not tied to what has long been considered its flagship product, the iPhone, CEO Tim Cook told CNBC on Tuesday in a wide-ranging interview with Jim Cramer.
“In this last quarter, if you take everything outside of iPhone, it grew at 19 percent, 19 percent on a huge business,” Cook said on “Mad Money.”
Apple’s services, which include the App Store, iTunes, Apple Pay, Apple Music and iCloud, have been growing rapidly quarter over quarter. In 2017, Cook said he wanted Apple’s services revenue to double by the end of 2020, a sentiment he reiterated in Tuesday’s interview.
That growth, combined with the success of the company’s wearable products and its ventures into health and wellness, could be a sign of what’s next for the consumer technology giant.
Here’s what Cook thinks about what’s next for his company, U.S.-China trade, naysayers on Wall Street, Apple’s ongoing dispute with Qualcomm, and the success of the Apple Watch and the AirPods.
Find the full transcript of the interview here.