In a week of big-tech financial results, Apple’s stand out as particularly spectacular. The company generated revenues of $89.58bn in the first quarter (its fiscal Q2) of 2021: a startling year-on-year rise of 53.6%. Or to put it another way, Apple is now generating a billion dollars of revenue every day from its hardware and services.
Talking of the latter… Apple services accounted for $16.9bn of those Q1 revenues, representing growth of 26.6% in the last year. That included a quarterly “all-time record” for Apple’s music business, although the company did not provide an official update on subscriber figures for Apple Music.
Chief financial officer Luca Maestri did talk about Apple’s wider subscriptions business. “During the March quarter, we added more than 40 million paid subs sequentially, and we have now reached more than 660 million paid subscriptions across the services on our platform,” he told analysts. That’s 145 million more than a year ago, and double the number it had two and a half years ago, added Maestri.
CEO Tim Cook was also asked about potential price increases for Apple’s subscription services, following recent moves from Spotify, Hulu and Netflix. “I don’t have anything to announce today. We try to give the customer a great value. And we feel that we’re doing that with the prices that we’ve got,” said Cook. “And we’ll see where we go from here.”
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