Can Apple's Services Revenue Double Again?

Apple (NASDAQ: AAPL) looks like it's well on its way to meeting Tim Cook's goal, set out in early 2017, to double its services revenue by this year. The company's services revenue was $24.3 billion in 2016. Through the first half of fiscal 2020, services revenue totaled $26.1 billion.

Apple's services revenue growth has been driven largely by continued growth in its installed base and increased penetration of digital subscriptions. Apple introduced several big new services last year -- News+, Arcade, TV+, and the Apple Card -- but those are still in the relatively early stages. Between continued services product rollouts and increased adoption, Evercore ISI analyst Amit Daryanani thinks Apple's services revenue can reach $100 billion by 2024.

Daryanani has laid out a highly optimistic case for Apple in the past, but $100 billion in services revenue by 2024 doesn't seem entirely out of the question.

Source Fool.com