Apple Ups Q3 ‘Services’ Revenue 31%

Apple may be known for the iPhone, iPad Apple Watch, but its digital content business, which includes sales of digital movies and TV shows on iTunes and Apple TV, remains an emerging giant.

The tech company July 31 reported third-quarter (ended June 30) services revenue of more than $9.5 billion, which was up 31% from services revenue of $7.2 billion during the previous-year period.

The segment, which also includes AppleCare, Apple Pay, licensing and other services, benefited from a one-time favorable $236 million resolution of various litigation. The unit is headed by Eddy Cue, SVP, Internet software and services.

Overall, Apple generated net income of $11.5 billion on revenue of $53.2 billion, compared to income of $8.7 billion and revenue of $45.4 billion last year.

The company sold more than 41.3 million iPhones, 11.5 million iPads and 3.7 million Macs in the quarter – the latter down 13% from the previous-year period.

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