Apple Reports Record Quarterly Services Revenue, Which Includes Apple TV+ Subscriptions

Apple Feb. 2 reported record first-quarter (ended Dec. 31, 2022) services revenue of $20.76 billion, which was up 6.4% from revenue of $19.51 billion in the previous-year period.

Services includes sales of movies and TV shows on iTunes and revenue from the App Store, Mac App Store, Apple Music, Apple Pay, Apple TV+, Apple Arcade and Apple News+ subscription revenue, among others.

Services and iPad revenue (up 29% to $9.4 billion) were the lone highlights in the report as Apple reported an 8% drop in iPhone revenue to $65.8 billion from $71.6 billion during the previous-year period. Mac revenue dropped almost 29% to $7.75 billion from $10.8 billion, and wearables (which includes the Apple Watch) revenue dipped almost 8% to $13.48 billion, from $14.7 billion last year.

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In a statement, CEO Tim Cook said he remained upbeat on reaching the milestone of 2 billion active Apple devices worldwide achieved in a “challenging economic environment.”

“We are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” Cook said.

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