Apple's services division now earns $100 billion a year. It set a record by bringing in $25 billion in revenue for the quarter, which is a 12% increase compared to the same time last year. Services include offerings like AppleCare, Apple TV+, and iCloud, which bolster investor appeal due to recurring revenue reliability. Apple forecasts similar growth for the December quarter, aiming to expand its subscription base across products like Apple One. Following a European tax-related charge impacting net income, Apple’s stock declined 2% in extended trading. CEO Tim Cook emphasized Apple’s commitment to expanding its customer base by investing in new features for its services like News+, Music, and Arcade.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Apple's services division now earns $100 billion a year.
00:06It set a record by bringing in $25 billion in revenue for the quarter,
00:09which is a 12% increase compared to the same time last year.
00:13Services include offerings like AppleCare, Apple TV+, and iCloud,
00:18which bolster investor appeal due to recurring revenue reliability.
00:21Apple forecasts similar growth for the December quarter,
00:24aiming to expand its subscription base across products like Apple One.
00:28Following a European tax-related charge impacting net income,
00:32Apple's stock declined 2% in extended trading.
00:35CEO Tim Cook emphasized Apple's commitment to expanding its customer base by investing
00:40in new features for its services like News+, Music, and Arcade.