Apple’s Fiscal Q3: Service Business Adds $7.3B, Paid Subscriptions Top 185M

By Aarthi Rayapura August 2, 2017

Excerpts from an article by Gavin O’Malley in MediaPost

Across the board, Apple had a bang-up fiscal third quarter. Year-over-year, revenue was up 7%. Despite fears that consumers were waiting for the upcoming iPhone 8, the tech titan sold 41 million phones. Even iPads sold well — growing 28%, quarter-over-quarter, and 15%, annually.

But the real story this past quarter was services.

Yes, revenue from the Apple Store, Apple Music, Apple Pay, and iCloud pumped $7.3 billion into the company’s coffers during the period. That’s up 22%, year-over-year, and an all-time high for Apple.

“Over the last 12 months, our services business has become the size of a Fortune 100 company,” CEO Tim Cook told analysts during an earnings call, on Tuesday.

Across all of Apple’s services, the number of paid subscriptions surpassed 185 million — an increase of nearly 20 million in the last 90 days alone.

The growth in services is partly attributable to international expansion.

Read the full article in MediaPost

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