Apple Services Rake in $19.8B in Revenue as Total Earnings Smash Expectations

Apple Services Rake in $19.8B in Revenue as Total Earnings Smash Expectations

Apple’s services division, which includes Apple TV+, Apple Music, iCloud and the App Store, brought in $19.8 billion in revenue during the second quarter of the fiscal year, up from $19.5 billion in Q1.

The tech giant reported $97.3 billion in total revenue, surpassing Wall Street estimates, while net income hit $25 billion. Across Apple’s products, iPhones continued to account for the majority of sales, bringing in around $50.6 billion in sales during the quarter.

The company has not disclosed the breakdown of sales across the Apple services division, but it now has 825 million paying subscribers, up from 165 million last year, according to Apple CFO Luca Maestri.

Apple’s board has also authorized $90 billion in share buybacks, the company said.

“This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world,” Apple CEO Tim Cook said in announcing the results on Thursday.

Apple is not offering revenue guidance for the current quarter. In an earnings call with analysts, Maestri said he expected COVID-related supply chain delays to impact Apple’s ability to meet demand and result in $4 billion to $8 billion in losses. The company’s decision to suspend sales in Russia due to the war in Ukraine is also expected to hinder year-over-year growth in Q3 of the fiscal year, Maestri said.

Apple is fresh off a major victory at the Oscars, where it won best picture for Apple TV+’s CODA, beating out rival streamer Netflix.

This article was originally published by The Hollywood Reporter.

Apple Services Rake in $19.8B in Revenue as Total Earnings Smash Expectations Apple’s services division, which includes Apple TV+, Apple Music, iCloud and the App Store, brought in $19.8 billion in revenue during the second quarter of the fiscal year, up from $19.5 billion in Q1. The tech giant reported $97.3 billion in total revenue, surpassing…