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Apple’s service revenue growth slows to $19.6 billion in Q3, reaching 860 million paid subscriptions londonbusinessblog.com

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Apple has its profit third quarter on Thursday and reported $19.6 billion in services revenue, up 12% year-over-year, but narrowly lagging Wall Street’s forecasts of about $19.7 billion. The tech giant’s third-quarter service revenue also lags last quarter’s record-breaking $19.8 billion and is also below the 27% growth it reported in the same period last year.

The category, which includes companies such as the App Store, Apple TV+, Apple Music, cloud services and others, also grew to 860 million paid subscriptions to Apple’s platform, up from the 825 million reported in the previous quarter. This figure is up more than 160 million in the past 12 months alone, Apple said.

The file level from performance from U.S Services wallet during the June- quarter reflects the power from U.S ecosystem On a lot fronts,” said Apple CFO Luca Maestri.First, U.S to install base has continued until to grow, to achieve a all time high about each geographical segment and important Product category. We also saw increased customer engagement of U.S Services during the quarter U.S handle bills, paid bills and bills of paid subscriptions. All grew double Numbers year about year and pstaff ssubscriptions showed terribly powerful grow.”

Maestri also said the company has set records for Apple Music, Apple Care, cloud services and payment services.

The company highlighted some of its recent achievements in the services category, as Apple CEO Tim Cook outlined that Apple TV+ has now earned 250 wins and 1,110 award nominations. Cook also shared that Apple TV+ has earned 52 Emmy nominations for 13 titles this month, including “Severance” and “Ted Lasso.”

Turning to the rest of Apple’s third quarter results, iPhone revenue increased slightly year-over-year, from $39.5 billion to $40.7 billion — a 3% jump from the same period in 2021. But while the overall picture of the company held up to Wall Street’s expectations, it fared less well in other categories. Mac, iPad and the combined wearables/home category all took a beating for the quarter.

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