Apple now has more than 1 billion paid subscriptions across all apps and services. The company earned $21.21 billion during the June 2023 quarter.
delivered solid financial results for the June 2023 quarter that beat Wall Street estimates, even as top-line revenue dipped 1.4% on lower-than-expected iPhone sales.
CEO Tim Cook boasted of a new milestone for the world’s biggest tech company: It now has more than 1 billion paid subscriptions across all apps and services. During the quarter, sales in Apple’s services unit grew 8.2%, to $21.21 billion. The services segment includes the App Store, Apple Pay, Apple Card and subscription services such as Apple TV+, Apple Music and iCloud.
Overall, the company reported quarterly revenue of $81.8 billion, down 1.4% year over year, and net income of $19.9 billion or earnings per diluted share of $1.26, up 5%, for the three months ended July 1 . While Apple exceeded analyst expectations on services revenue, sales of iPhones — its largest segment — undershot estimates at $39.7 billion . Overall, Wall Street pegged revenue of $81.64 billion and EPS of $1.19, according to Refinitiv.
Apple’s tally of paid subscriptions includes both Apple-branded offerings like Apple Music and Apple TV+ and services via third-party apps. The company reported. “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,” Cook said in announcing the results.
Meanwhile, Mac sales fell 7.3% in the June quarter and iPad revenue was down 19.8%. Sales in Apple’s Wearables, Home and Accessories segment, which includes Apple Watch, rose 2.5% to $8.28 billion.to be priced at a steep $3,500 a pop when it first goes on sale in early 2024, with partners including Disney+. It marks the company’s first entry into a new product category since the Apple Watch launched in 2015.
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