Apple CEO Tim Cook provided upbeat numbers for the company’s services division, noting that paid subscriptions are approaching one billion, nearly double from three years ago.
Cook highlights briefly how the firm is doing with subscriptions on Apple’s phone conference to talk about its recent earnings for the second quarter, citing all purchases made through the App Store and other services as a revenue stream.
According to a statistic from February, Apple’s Services division now has over 935 million active paying memberships. From the 900 million subscriptions it reported in the fourth quarter of 2022, that represented a 35% rise.
Apple Creates History
Cook stated 975 million subscriptions on the company’s results call on Thursday. The App Store, Music, TV+, iCloud, and other goods are part of the Services division. The Services sector increased sales by $20.9 billion in the second quarter, up from $19.8 billion in the first quarter. The Wearables, Home, and Accessories category, on the other hand, showed a modest dip, falling from $8.8 billion to $8.76 billion year on year.
According to CFO Luca Maestri, the company’s Services revenue has increased by 150 million in the last year, nearly double from three years ago.
While some analysts might view the company’s services division as ordinary, many others think it is essential to the company’s growth. Despite the difficult macroeconomic situation, Cook remarked, “We are pleased to announce a record-breaking month in Services and a March quarter record for iPhone, and to have the number of active devices reach an all-time high.” “We continue to lead with our values and invest for the long term, making significant progress toward establishing carbon-neutral supply chains and products by 2030.”
Apple announced on Thursday that its overall revenue for the quarter ending in March 2023 was $94.3 billion. This amount is less than the $97.28 billion in revenue that was recorded in the same quarter last year.