Apple's services business hits new revenue record of $17.5 billion
What you need to know
- Apple's services business now stands at a record $17.5 billion.
- The company now commands 700 million paid subscriptions across its services.
Apple's services business continues to play a more critical role in the growth of the company.
During the company's Q3 earnings call, Apple CFO Luca Maestri announced that the company's services business reached a new all-time revenue record of $17.5 billion. The CFO said that the performance was due to three things: growth of the installed base, the number of transacting and paid accounts on the company's digital content stores, and the growth of paid subscriptions.
Maestri noted that Apple has passed 700 million paid subscriptions, up by more than 150 million when compared to last year.
Earlier on the call, Apple CEO Tim Cook called out the 35 Emmy nominations that Apple TV+ received this year. He specifically highlighted Ted Lasso, Mythic Quest, and the upcoming award-winning film Coda. Apple's services business also includes Apple Music, Apple Podcasts, Apple News+, Apple Fitness+, and iCloud.
Earlier today, Apple hosted its Q3 earnings call and announced a June quarter revenue record of $81.4 billion, an increase of nearly $22 billion or 36 percent from a just year ago. If you want to learn more about what was said during the earnings call, check out the call transcript.
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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.