Apple’s booming Services business is set to reach a new milestone, with annual revenue expected to surpass $100 billion for the first time, according to a new report from the Financial Times (via MacRumors ).

Citing analyst estimates from Visible Alpha, Apple’s Services division is projected to generate $108.6 billion in the fiscal year ending last month — up roughly 13% from the previous year and a record high. If the estimates hold when Apple reports its Q4 results this week, Services will have generated more revenue than the annual sales of companies like Disney or Tesla.

JPMorgan analysts believe Services could now represent about a quarter of Apple’s total revenue, but as much as half of its overall profit, thanks to its high-margin structure. The division includes revenue from the

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