Submitted by Frank Macey on
Apple's services business is reportedly closing in on one billion paid subscriptions, nearly double the number it had just three years ago, according to CEO Tim Cook. During the company's conference call to discuss its recent financial results for the second quarter, Cook revealed that Apple now has over 975 million active paid subscriptions across its platforms, with the services segment exhibiting steady growth in the second quarter. Services generated $20.9 billion in revenue, up from $19.8 billion in the first quarter.
Apple's services division includes the App Store, Apple Music, Apple TV+, iCloud, and other products. The company's services business is considered by many to be an important factor in its expansion, and its growth has been strong. In February, Apple reported that its services business had reached over 935 million active paid subscriptions, which was a 35 percent increase over the fourth quarter of 2022.
Apple CFO Luca Maestri said the new results for services represent an increase of 150 million in the last year, nearly double what the company had three years ago. Maestri highlighted the strong active device base and high customer satisfaction and loyalty as factors driving the services growth.
Apple has not provided financial guidance for the next quarter for the third year in a row. However, the company's services segment is expected to continue expanding as the company may introduce new services. In May of last year, it was reported that Apple’s services boss Eddy Cue was shifting the company’s services team to focus more on advertising and streaming.Apple's services business is closing in on one billion paid subscriptions, demonstrating significant growth in recent years. As the company continues to introduce new services, its Services segment is expected to continue expanding.