Apple Is Set to Return Software to Forefront

Tim Cook, Apple Inc.'s CEO, opened the annual week-long developer meeting for the iPhone maker on Monday. This is an opportunity to highlight the company's software expertise as investors are concerned about lower gadget sales, rising inflation, and a resurgence of Covid-19.

The event will be predominantly online and the keynote began at 1 pm. In New York through the company website. Apple has invited several individuals to attend its headquarters in Cupertino, California. There, participants need to meet specific immunization and testing requirements.

The pandemic contributed to Apple's record-breaking interests as workers and students purchased laptops, iPhones, and tablets to enhance their quarantine experience. The company's first iPhone with 5G cellular data capabilities generated a record $191 billion in revenue for the fiscal year ended September.

Apple's biggest growth area this year is expected to come from service categories, including revenue from Apple's App Store and advertising business. Service revenue could increase by nearly 17% to $80 billion. This will outpace the combined sales of iPad and Mac computers and will be second only to Apple's iPhone business.