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Apple Services Revenue Hits All-Time Record Levels in Fiscal Q3 2019

Apple Services Revenue Hits All-Time Record Levels in Fiscal Q3 2019

The Apple services category – which includes the App Store, Apple Music, Apple Pay, AppleCare, The Mac App Store, iTunes, and more – continues to become one of the most important revenue drivers for the Cupertino firm.

Apple’s services segment brought in in $11.46 billion in the third fiscal quarter of 2019, up from $10.17 billion in the year-ago quarter and $11.45 billion in the second quarter of 2019.

Revenue records were set for for AppleCare, Apple Music, App Store search ads, and more, along with a new third-quarter revenue record for the App Store. Apple saw double digit services revenue in all five geographical segments.

Noting that Apple surpassed 420 million paid subscribers during the quarter, Apple CEO Tim Cook said on Tuesday’s financial results call that Apple is well on its way to reaching a goal of $14 billion in revenue from services by 2020.

Apple Pay continues to grow, and is now in 47 markets. During the June quarter the payments services began adding more users than PayPal, with monthly transaction volume growing 4 times as fast.

Apple continues to add to its services sector, as it recently added Apple News+, the $9.99 per month news and magazine service, and will later this year launch Apple Arcade, the Apple Card credit card, and the Apple TV+ streaming service.

(Via MacRumors)

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