Apple (NASDAQ: AAPL) stock is up about 22% this year through Nov. 3, roughly double the S&P 500's (SNPINDEX: ^GSPC) 11% gain. That run has pushed the stock to a valuation of about 38 times earnings. One reason Apple has deserved that premium is steady growth in its high-margin services business, making the recent slowdown worth a closer look. In Apple's fiscal 2026 fourth quarter, which ended Sept. 26, services growth slowed to 10% year over year, down from about 12% the prior quarter, and management said it expects 8% to 9% in fiscal 2027 Q1, citing headwinds from third-party licensing and shifts in foreign currency exchange rates. Notably, in Apple's annual report for fiscal 2026, it did not describe the App Store as a driver of services segment growth, listing only advertising and cloud services. The slowing growth of the services business matters because it is Apple's profit engine. Services revenue came with a 76% gross margin last fiscal year, nearly double its 39% gross margin on products. And services accounted for 40% of Apple's gross profit.
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