AAPL’s current non-hardware e-commerce business (sales from - TopicsExpress

AAPL’s current non-hardware e-commerce business (sales from iTunes, App Store and iBook Store, plus software and services) is $16 billion a year and growing. Not only is it growing faster than Amazon, AAPL makes more money in non-hardware e-commerce alone than Amazon makes in its entire business. That gap will likely widen in AAPL’s favor as AAPL rolls out new offerings and services. - David Einhorn, 2013 Q3 Investor Letter

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