Pinwan, May 10, according to Phoenix Network Technology, people familiar with the matter said that Apple is restructuring its service team to improve the profitability of this business. Eddy Cue, Apple’s senior vice president of services, is already making some tweaks to improve the services business.
Apple has identified streaming and advertising as two areas of revenue growth. Cue is also adjusting the responsibilities of several key executives in the division. Apple’s advertising business is now “big enough to survive on its own,” the people said. The services business has been a steady source of profit for Apple over the years. Apple’s services revenue in the fiscal second quarter was $19.8 billion, up from $17 billion a year earlier.
As part of the restructuring, Peter Stern, Apple’s vice president of services, will no longer be in charge of advertising and instead focus on video, iCloud and other services. Meanwhile, VP of advertising, Todd Teresi, has taken on more responsibilities, reporting directly to Cue from early 2022. Apple is also working to expand its sports content portfolio as part of its streaming strategy.
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