Apple had a rare quarter where it missed its revenue target due to problems in the supply chain and manufacturing. But its services revenue was a bright spot in the earnings. The company said it now has 935 million paid subscriptions across its services.
These offerings, including iCloud, Apple Music, Apple TV+, Apple Arcade, Apple News+, Apple Fitness+, Apple One and Apple Pay, brought in $20.8 billion in the first quarter of the financial year. That is a 6% increase year-on-year as the company registered $19.5 billion during the same time period last year. The iPhone maker also provides enterprise services like Business Essentials, AppleCare, Tap to Pay and Apple Financial Services.
Apple said that it reported double-digit growth from App Store subscriptions. The company is facing regulatory pressure in multiple markets related to monopoly around app distribution through the App Store. The tech giant is already allowing third-party payment systems in some markets like the Netherlands and South Korea. Plus, the company is reportedly exploring the possibility to let users sideload apps with iOS 17.
Apple Music expanded its catalog and now has more than 100 million songs. The service also introduced a karaoke feature called Apple Sing just before the holidays and hiked prices of music streaming apps by $1 per month for individual plans and $2 per month for family plans.
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