Services May Be the New iPhone
Broken down by category, the iPhone still rakes in about 48 percent of revenue for Apple. But Services is in second place and appears to be slowly catching up. Services revenue grew 13 percent year-over-year to hit an all-time record of $11.5 billion during the quarter. And that’s just one metric.
Apple notes that it saw double-digit growth for the App Store, Apple Music, cloud services, and triple-digit growth for the App Store Search Ads business. Third-party subscription revenue grew by more than 40 percent. Apple also surpassed 420 million paid subscribers — and says it’s on track to hit its goal of doubling