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Apple Reports Record Quarterly Services Revenue

Apple’s foray into subscription-based businesses continues to resonate on the bottom line. The tech giant April 28 reported record services revenue of $19.8 billion for the second quarter (ended March 26). That compared with revenue of $16.9 billion during the previous-year period. Overall, Apple posted a March quarter revenue record of $97.3 billion, up 9% year over year.

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

“We are delighted to see the strong customer response to our new products,” CEO Tim Cook said in a statement.
 
CFO Luca Maestri said Apple reported record quarterly revenue for iPhone, Mac, and Wearables, Home and Accessories.
 
 
“Continued strong customer demand for our products helped us achieve an all-time high for our installed base of active devices,” said Maestri. “Our strong operating performance generated over $28 billion in operating cash flow allowed us to return nearly $27 billion to our shareholders during the quarter.”

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