In Walter Isaacson’s biography of Steve Jobs launched shortly after his death, there was apparently some concern from Jobs that Tim Cook wasn’t exactly a “product guy”. That may be true, but Cook has proven to be a "money guy”. The way that Cook has strategically guided the company to focus on developing other products and services that complement the company’s most lucrative product and further ‘trap’ people within the AAPL ecosystem has been nothing short of amazing. This was no more apparent than commentary that the company provided on its Fiscal Q3 (June-2019) earnings call in July highlighting the growth and scale of its Services and Wearables businesses. Key commentary:

Services: $11.5B (+13% / +15% if excluding one-time item from FY18)

Geographic diversity: Double-digit services revenue growth in all 5 geographic segments
Paid subscriptions: >420 million paid subscriptions
Apple TV: Apple TV App Viewership (+40% YOY)
Apple Pay: ~1 billion transactions per month (2x a year ago) – 47 markets
- Apple Pay v. PayPal: Apple Pay is adding more users on a monthly basis than PayPal and monthly transaction volume is growing at 4x the rate of PayPal.

Wearables: Accelerating growth exceeding well over 50% YOY (now bigger than 60% of companies in Fortune 500)

Apple Watch: new June revenue record
New to Apple Watch: >75% of Apple Watch buyers in June quarter were buying their first Apple Watch.
AirPods: Continued phenomenal demand - “cultural phenomenon”.

“If you step back [and] consider Wearables and Services together, two areas where we have strategically invested in the last several years, they now approach the size of a Fortune 50 company.”

Just to put that in perspective, based on Fortune’s 2019 ‘Fortune 500’ rankings, the 50th ranked company was Prudential Financial with annual revenue of ~$63 billion. A few other notable companies that AAPL’s Wearables + Services business now outrank in annual revenue:

Walt Disney (#53)
HP (#55)
Facebook (#57)
Goldman Sachs Group (#62)
Cisco Systems (#64)