Apple Services Revenue Reaches $18.3B Amid Overall Earnings Miss
Apple services, which includes Apple TV+ and Apple Music, topped Wall Street expectations while total revenue fell short.
Apple services, which includes Apple TV+, Apple Music, the App Store and iCloud, brought in nearly $18.3 billion in revenue, topping Wall Street expectations, during the fourth fiscal quarter of 2021.
The tech giant did not disclose the distribution of revenue or exact number of subscribers across its services, but Apple CFO Luca Maestri told analysts that Apple’s services division had 745 million paid subscribers, up from the “more than 700 million” disclosed during Apple’s last quarterly earnings call.
The fiscal quarter’s services revenue represents almost a 5 percent increase from Q3 and a 26 percent jump year over year. Total revenue for Apple hit $83.4 billion, short of analysts’ expectations but an increase from last quarter’s reported $81.4 billion. Product sales — led by the iPhone — accounted for $65 billion of the company’s Q4 revenue.
During the company’s fall event last week, Apple unveiled new MacBook Pros with M1 Pro and M1 Max chips, the third generation of AirPods and a cheaper version of Apple Music that’s only controlled by Siri. In September, Apple also promoted its iPhone 13 toward amateur and professional filmmakers, highlighting the phone’s updated camera and video editing capabilities.
Thursday’s earnings come a month after Apple TV+ landed seven awards at the Emmy Awards, three of which went to its hit series Ted Lasso.
“Our record September quarter results capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro environment,” Maestri said in a statement on Thursday.
This article was originally published by The Hollywood Reporter.