Apple Inc. unveiled plans for four new businesses, sending its stock price higher on Tuesday.
At the "It's Showtime" event on the company's Cupertino, California campus, the iPhone maker gave a glimpse into the four new territories that it is heading into – news (Apple News), video/TV streaming (Apple TV+), mobile video gaming (Apple Arcade) and credit cards (Apple Card). It is expected to leverage its smartphone userbase of 1.4 billion people, for its new offerings to gain ground. Some analysts are predicting that the newly announced businesses could catapult Apple’s overall services revenue to around $60 billion next year.
Some analysts’ are contemplating that Apple Pay could potentially turn out to be the most profitable out of the four new service segments.