Apple's services business is exploding

It was a good day for Apple on Tuesday, as the tech giant reported better-than-expected earnings for its most recent quarter. iPhone sales hit a record high, Mac sales were solid, and the company's stock soared on Wednesday as a result.

While Apple has to be pleased to see its main moneymaker, the iPhone, bounce back strong, it may be even happier with the continued growth of its services business. As this chart from Statista shows, that segment - which includes the App Store, Apple Pay, Apple Music, iCloud, and so on - was Apple's biggest grower year-over-year, jumping by more than $1 billion in revenue since Q1 2016. It's now nearly on par with the company's just-revived Mac segment.

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