Apple Services’ Growth Slows to $19.6B in Revenue

Apple’s services category, which includes Apple TV+ and Apple Music, brought in $19.6 billion in revenue for the third fiscal quarter ending in June — a decline in growth compared to its previous quarter, which saw a record $19.8 billion in sales for the category.

Apple now has more than 860 million paid subscribers for its services category, compared to the 825 million reported last quarter, Apple CFO Luca Maestri said during the company’s earnings call.

The tech giant reported a total $83 billion in revenue for the quarter, representing a 2 percent increase year over year, and a net income of $19.4 billion.

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Like previous quarters, iPhone sales represented the bulk of Apple’s revenue, bringing in $40.7 billion for the quarter, albeit representing a decline from the $50.6 billion in sales seen in the previous quarter ending in March.

This year, Apple has made major investments into live sports programming. In June, the company announced a 10-year deal to become the exclusive home for Major League Soccer matches, beginning in 2023, as part of the Apple TV+ subscription. The deal came a few months after Apple secured a Friday Night Baseball rights deal with Major League Baseball to stream weekly doubleheader games on Fridays.

The company has also continued to pick up feature films for its subscription service, with the latest being the A24 drama Causeway, which stars Jennifer Lawrence and Brian Tyree Henry.

The tech giant’s expansion into film and TV has continued to fare well in the awards circuit this year. Apple TV+ garnered 52 nominations for the 2022 Emmys, with shows like Severance and Ted Lasso receiving multiple nods.

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When asked on the earnings call about Apple’s future M&A plans, CEO Tim Cook said he “wouldn’t rule anything out” and noted the company is keeping an eye on the market.

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