Apple’s music and streaming services grow as the company collapses

Apple beat experts’ expectations with historic earnings in the first half of 2022. The technology company reported $6.065 billion in revenue, up 12% year over year, primarily from its streaming services (Apple TV+), music (Apple Music) and computing (iCloud). Despite the surprising number, the company’s total revenue has declined.

With Wall Street and the financial market at a delicate moment, Apple recorded a 3% decline from the previous quarter, for a total of 94.8 billion dollars. Other than that, earnings per share were unchanged at $1.52. Combining services like Apple TV+, Apple Music, iCloud and others, the company reaches a number of 970 million users.

Apple also set another record as iPhone sales generated $51.3 billion, up 1.5% from the same quarter in 2022. Contrary to the downward trend in the industry, the company surprised manufacturers – after all, after the “boom” of device sales during the coronavirus pandemic, the number has stabilized in recent months.

“We are pleased to report an all-time services record and a quarterly record in March for iPhone despite the challenging macroeconomic environment and our active device installed base reaching an all-time high,” said Tim Cook, Apple’s CEO. “We continue to invest for the long term and lead with our values, including making great strides in building carbon neutral products and supply chains by 2030.”

Apple also increased its dividend and announced an additional $90 billion in share buybacks. The changes were announced after a drop in Paramount Global stock went against the grain, cutting its dividend by 79%.

Source: Terra

Rose

Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.