Apart from clocking a record-breaking USD 97 billion in revenue, Apple’s services have managed to generate USD 19.8 billion, which is a 17% y-o-y surge. The number of paid subscribers grew by 165 million since last year, reaching a whopping 825 million subscriptions this quarter.
Aside from setting a record for services revenue, Apple also noted that its various other offerings, such as the App Store, Apple Music, and Apple Care, have also experienced record-breaking growth.
According to reliable resources, Apple had generated over USD 75 billion in services revenue in the last year. The impressive growth is attributed to the company’s continued investment in its services business and the positive momentum it has been seeing across various fronts.
The company’s rapid expansion can be attributed to the increasing number of its smartphone users and its services.
Confirming this, Apple’s Chief Financial Officer Luca Maestri noted that the company witnessed a significant increase in people using its services. He also noted that the company has over 800 million paid subscribers on its platform. Maestri added that the company is constantly adding new features and services to its platform.
Even Apple TV+ also became the first streaming service to win an Academy Award for Best Picture as well as managed to earn over 240 awards and around 960 nominations. It is worth mentioning that the Friday Night Basketball and other new titles have given a major boost to the services’ live offerings.
With so many positive outlooks from the services business, Apple noted that it does expect growth to slow down in the coming year. This could be due to various factors, such as the company’s supply chain constraints and the foreign exchange rates.
The company had also temporarily stopped all sales in Russia in March amidst the Ukraine conflict. To that effect, Apple claims that the growth rate for the June quarter is likely to be less than 17% the current reports.