Apple is rallying after announcing a monthly subscription service for news (AAPL)

pulse

April 17, 2018 5:18 PM

Apple is jumping today. See what the company just announced.

This is part of a broader effort to pivot its focus from devices to services.
Apple stock got hit in late March, along with the broader tech sector, but remains up for the year.

Apple shares are rallying Tuesday, up 1.5% at $178.46, after Bloomberg reported the tech giant is launching a subscription news service.

The service could launch later this year, and would be an improved version of the current Apple News app, Bloomberg said. The new subscription offering would shift the revenue model from selling advertisements to participating publishers, to sharing subscription revenue with the those publishers, the report added.

The offering would be part of Apple's broader shift from purely an iPhone-focused company to a services business. Morgan Stanley wrote in a March note that its sees "

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