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Apple’s Services Business Continues Rapid Growth, Revenues Up 31% Year-Over-Year

Apple’s Services Business Continues Rapid Growth, Revenues Up 31% Year-Over-Year

Apple’s services business continued to rapidly grow in the March quarter, taking in $9.19 billion in revenue. That’s a 31% year-over-year increase.

The Services category includes AppleCare, Apple Pay. iTunes, the App Store, Apple Music, and iCloud.

“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,” said Tim Cook, Apple’s CEO. 

The massive increase means services revenue has doubled over the last four years. The jump in revenue helped Apple have its best March quarter ever. The segment was the only segment of the company to show sequential revenue growth.

The $9.19 billion in revenue, up from $7 billion the same time last year, marked the 12th consecutive quarter of double-digit y-o-y services revenue growth. Analysts had expected the services category to bring in $8.5 billion.

“We had all time record revenue from the App Store, from Apple Music, from iCloud, from Apple Pay and more,” said Cook. “All of which are a powerful illustration of the importance of our huge active installed base of devices and the loyalty and engagement of our customers.”

Cook said Apple Pay continues to see strong growth, and that the service set a new all-time quarterly revenue record. Activations have doubled year-over-year, while transactions have tripled.