Apple may restructure services business to boost streaming, advertising: report
Nikada/iStock Unreleased via Getty Images

Apple (NASDAQ:AAPL) is looking to restructure its services business to delve deeper into areas such as streaming and advertising, having moved around some key executives as part of this push, Insider reported.
In its most recent quarter, Apple (AAPL) said its services business, which contains the App Store, Apple Music, iCloud, Apple Pay among others, reached an all-time high in quarterly revenue, generating $19.8 billion.
The company ended the quarter with 825 million subscribers, up from 785 million in the previous quarter and 660 million in the prior-year period.
As part of the restructuring, Eddy Cue, Apple's senior vice president of Services, has taken advertising off the plate of Peter Stern, Insider reported, citing people familiar with the matter. 
Stern is responsible for several of the company's services, including video, news, books, iCloud, Fitness+ and Apple One, according to his LinkedIn profile.

The responsibility of advertising has reportedly been handed to Todd Teresi, who has worked with Apple's (AAPL) advertising business for more than 10 years. Apple (AAPL) shares gained more than 1% to $153.81 in early trading on Tuesday. Cupertino, California-based Apple (AAPL) did not immediately respond to a request for comment from Seeking Alpha. 


Earlier this month, Apple (AAPL) cut the trade-in value of some of its hardware products, including its popular Mac computers, a number of different iPads and Apple Watches.