Apple’s Services business is a bright spot in the company’s rough 2024: BofA

Apple’s (AAPL) 2024 has been rough so far. But despite the company’s headwinds ranging from antitrust suits to slowing iPhone sales, there’s one big bright spot for Apple: its Services business. In the first quarter, Services revenue jumped 11% year over year to $6.3 billion.

And according to BofA Global Research’s Wamsi Mohan, Apple is set to report another quarter of double-digit growth for the segment when it announces its second quarter earnings later this month.

Apple’s Services business includes the company’s App Store sales, advertising revenue, AppleCare+, subscription services like Apple TV+, and more. According to market intelligence firm Sensor Tower, App Store rev...