Q3 Apple results show record revenues for services

Q3 Apple results show record revenues for services

Apple has announced results for its fiscal third quarter including a record for the services division, which includes music. 

The tech giant posted quarterly revenue of $53.8 billion (£44.2bn), an increase of 1% year-on-year. Net profit was down 13% to $10bn (£8.2bn). Services now account for 21% of revenue.

While Apple did not disclose figures specifically for Apple Music, SVP and CFO Luca Maestri confirmed that it had a record quarter. With the service now having passed 60 million subscribers, Oliver Schusser, VP of Apple Music and international content, has spoken to Music Week about his streaming ambitions.

Although iPhone sales dipped, the company made up the difference with sales of wearables.

International sales accounted for 59% of the quarter’s revenue.

“This was our biggest June quarter ever — driven by all-time record revenue from services, accelerating growth from wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” said Tim Cook, Apple’s CEO. “These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”

Subscribers can read the full interview with Schusser here.

 

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