Bernstein Explains How Apple Could Produce $10 Billion in Incremental Revenue

An Apple logo at a store in Shanghai on May 10, 2019. Hector Retamal/AFP via Getty Images

Bernstein analyst Toni Sacconaghi acknowledged that Apple Inc. had quietly built a small but growing ad business.

However, Sacconaghi estimated that Apple’s ad revenue was well under 2 percent of its overall revenue.