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What Are FAANG Stocks? – Forbes Advisor

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Apple joined the FAANG club in May 2017. At the time, the company had a market capitalization of around $796 billion. In 2017, Apple was essentially a hardware company, relying almost entirely on sales of its iPhone, iPad, iMac and Apple Watch devices.

Over the past five years, Apple has invested aggressively in expanding its services segment, which includes its AppStore sales, licensing revenue, and contributions from Apple Pay, Apple Care, Apple Music, and others. businesses.

Today, Apple is still heavily dependent on iPhone revenue, which accounted for 47.2% of Apple’s total revenue last quarter. However, Apple’s services revenue reached 21.2% of its total revenue, and many Wall Street analysts consider service sales to be more consistent and higher quality than hardware sales.

Apple’s market capitalization has risen to $2.4 trillion, but analysts expect further growth to come. The average price target among the 37 analysts covering AAPL stock is $180, suggesting a 17.9% upside.

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