Apple’s Services Division Sees Record Quarter With $21 Billion In Sales, 1 Billion Paid Subscriptions; Tech Giant Posts Total Revenue Of $81.8 Billion

deadline.com:

The world’s most valuable tech company saw sales and profit for the three months ended in June beat on the top and bottom line although revenue was still sluggish, down 1% at $81.8 billion.

Earnings of $1.26 per share beat the $1.19 anticipated. Revenue from iPhones, which are half of the company’s total business, was $39.7 billion — below expectations and lower than the year ago.

June can be a weak iPhone quarter ahead the fall when Apple usually unveils its new model, in this case the iPhone 15. But services, the fast-growing division that houses Apple TV+ alongside a dozen other businesses like Apple Music, Apple Fitness, Apple Podcasts, Apple Books, Apple Cloud and the Apple App Store – saw sales of $21.2 billion, up more than 8% year-over year.. “We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Tim Cook, Apple’s CEO. “From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.” Apple’s financial reports don’t break out details of its “services” components.

Apple share have surged this year, up nearly 50%, riding a tech wave. The stock was the first to hit $3 trillion in market cap last month (as it was the first to hit the $2 trillion mark in 2020 and $1 trillion in 2018).