Apple Music, TV Segment Sees Record Revenue, Helped by Price Increases

Apple hit an all-time revenue record in its services sector, which includes Apple TV+, Apple Music, Apple Arcade and more, during its first quarter ended Dec. 30.

Net sales in the services quarter hit $23.1 billion, up from $20.8 billion a year earlier. Overall, the company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year.

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“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.”

Apple raised the price of Apple TV+ in the U.S. to $9.99 a month from $6.99 a month in the late fall and also increased the price of Apple One bundle, which includes Apple TV+, Apple Music, Apple Arcade, cloud storage and more. However, management added that the growth in services was fairly broad-based across geographies and across all the services categories, with all-time revenue records for cloud, payments, video, and advertising and December quarter records for the App Store and for Apple Care.

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