Apple Music sets revenue record in Q2

Apple Music sets revenue record in Q2

Apple has announced quarterly revenue of $58.3 billion (£46.4bn) in Q2, up 1% year-on-year.

International sales accounted for 62% of revenue in fiscal Q2, which ended on March 28.

Services revenue, which includes Apple Music, reached a new high of $13.3bn (£10.6bn). Apple Music last month expanded into 52 countries.

During the earnings call, Luca Maestri, Apple’s CFO, confirmed that Apple Music hit an all-time revenue record in the quarter. Subscriptions were up “strong double digits”, said Maestri.

“Our customers are very engaged,” he said. “We are continuing to grow double digits, the number of transacting accounts and paid accounts. We expect our digital services to continue at the same level of performance that we have seen during the March quarter. And that includes the App Store, our video business, our music business, cloud services. So, we expect all these businesses to continue to grow very strongly.”

“Despite Covid-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Tim Cook, Apple’s CEO. “In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we’ve sent to medical professionals around the world, to the millions we’ve donated to organisations like Global Citizen and America’s Food Fund.”

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