Apple Reports Third-Quarter Earnings Latest Update

A 12 percent year-over-year gain in services revenue was reported by Apple in its third-quarter earnings report on Thursday, although it fell just shy of Wall Street expectations of $19.7 billion. The internet giant’s third-quarter services revenue was lower than the record-breaking $19.8 billion it recorded during the previous quarter and was lower than the growth of 27% it announced during the same time period in 2017.

It also increased to 860 million paid memberships on Apple’s platform, up from the 825 million it reported in its prior quarter. The category includes companies like the App Store, Apple TV+, Apple Music, cloud services, and others. According to Apple, this number has increased by more than 160 million just in the past year.On the company’s results call, Apple CFO Luca Maestri noted, “The record level of success of our services portfolio during the June quarter underscores the strength of our ecosystem on many fronts

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.” “First, across every major product category and geographic region, our install base has risen to an all-time high. Additionally, we observed a rise in customer engagement with our services throughout the quarter among our paying customers and accounts with paid subscriptions as well as our transacting customers. All increased by double digits year over year, and paid subscriptions also increased significantly. Maestri added that the business achieved all-time highs in the areas of cloud services, payment services, Apple Music, and Apple Care.

In the services category, the business highlighted a few of its most recent successes. Apple CEO Tim Cook noted that Apple TV+ has already garnered 250 awards and 1,110 award nominations, and that number is still growing. Cook also mentioned the 52 Emmy nominations that Apple TV+ received this month for 13 different titles, including “Severance” and “Ted Lasso.”

Regarding the rest of Apple’s third-quarter financials, iPhone revenue increased somewhat from $39.5 billion to $40.7 billion, or 3%, compared to the same period in 2021. Although the company’s total performance exceeded Wall Street estimates, other areas did less well. For the quarter, sales of the Mac, iPad, and combined wearables/home category all declined.

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