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Robust Services growth ensures Apple is more than just an iPhone brand
TIWN
Robust Services growth ensures Apple is more than just an iPhone brand
PHOTO : TIWN

Cupertino, May 1 (TIWN) As iPhones sale dip amid supply and demand uncertainties, Services segment is following a different trend for Apple, with strong year-over-year growth of 17 per cent and setting a new all-time revenue record of $13.3 billion in the company's second quarter results.

The company saw all-time records in many of its Services categories -- App Store, Apple Music, Video, cloud services, its App Store search ad business, AppleCare, Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card.  According to Luca Maestri, Apple's CFO, new services like Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card continue to add users, content and features while contributing to overall Services growth. 

"App Store revenue grew by strong double digits, thanks to robust customer demand for both in-app purchases and subscriptions. Our third-party subscription business grew across multiple categories and increased over 30 per cent year-over-year, reaching a new all-time high," Maestri informed during an earnings call on Thursday.  "Apple Music and cloud services, both set all-time revenue record and AppleCare set a March quarter record. Paid subscriptions for all three of these services were up strong double-digits," he added.

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