What you need to know
- Apple services reached a new record of $15.8 billion.
- The company attributes the performance to four different factors.
Apple today announced record-breaking revenue for the first quarter of 2021, reaching new heights of over $110 billion. As Apple CFO Luca Maestri reviewed on the company's Q1 2021 earnings call, the company also saw record growth in its services business as well.
The company reached a new record of $15.8 billion with its services business in the first quarter, growing 24% year over year.
Maestri pointed to a number of factors for the record performance in services, including growing the company's installed base as well as paying customers on its digital stores.
The CFO also touched on its subscription base. The company crossed its target of 600 million paying subscribers for its services, reaching 620 million subscribers at the end of 2020.
Maestri also says that Apple's continued effort to improve its current services contributed to the growth.
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Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.