Workflow
iPhone之外的“摇钱树”岌岌可危 美媒曝苹果服务业务危机

Core Insights - Apple's service business has significantly contributed to its stock price increase, with a fourfold growth in service revenue since 2015, while iPhone sales remained flat [1] - The gross margin for Apple's service business exceeds 70%, compared to 30-40% for hardware, indicating a greater impact on profits than on revenue [1] - The decision to separately report the rapidly growing and profitable service segment has led to higher price-to-earnings ratios for Apple stock [1] Group 1: Service Business Growth - Apple's service revenue has grown four times since 2015, while device revenue has increased by less than 40% [1] - The services include iCloud storage, subscription services, paid apps, in-app advertising, and web search-related income [1] - Analysts believe that the strong performance of the service business is a key reason for the stock's high valuation [1] Group 2: Risks to Service Business - The growth rate of Apple's service business has begun to slow down, with two major risks emerging that could undermine its key components [2] - The App Store's commission revenue is a core part of the service business, contributing nearly one-third of total service revenue [3] - Legal challenges from developers regarding high commission fees could potentially lead to a loss of up to 10% of net profit if all major developers move purchases outside the App Store [3] Group 3: Google Search Revenue - Revenue from Google for being the default search engine on Safari is another significant and profitable component of Apple's service business, accounting for about 6% of total revenue [4] - This revenue has minimal associated costs, translating almost entirely into profit, representing 19% of Apple's total operating profit [4] - The U.S. Department of Justice's actions against Google could jeopardize this revenue stream, as they seek to cancel the search engine contract [4][5]