Apple Services, which includes Apple TV+, Apple Music, iCloud and the App Store, generated $19.8 billion in revenue in the second quarter, up from $19.5 billion in the first quarter.
The tech giant reported total revenue of $97.3 billion, above Wall Street estimates, while net income hit $25 billion. iPhones continued to account for the majority of Apple’s product sales, generating about $50.6 billion in sales in the quarter.
Apple CFO Luca Maestre said the company did not disclose sales for Apple’s services division, but it now has 825 million paying subscribers, up from 165 million last year.
Apple’s board also approved the right to buy $90 billion worth of stock.
“This quarter’s record results show Apple’s relentless focus on innovation and our ability to create the world’s best products and services,” Apple CEO Tim Cook said in announcing the results on Thursday.
Apple does not provide revenue guidance for the current quarter. Speaking to analysts, Maestri said he expects supply chain disruptions related to COVID to affect Apple’s ability to meet demand and result in losses of $4 billion to $8 billion. The company’s decision to suspend sales in Russia due to the war in Ukraine is also expected to slow annual growth in the third quarter of the fiscal year, Maestri said.
Apple won a new Oscar, where it took the award for best film from Apple TV + coda, Defeated rival streamer Netflix.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
