Apple Services set revenue record of $19.6 billion in Q3, 2022 with 12% growth

Out of the company’s $83 billion revenue in Q3,2022, Apple Services set a revenue record of $19.6 billion in Q3, 2022 with 12% year-on-year growth. Apple Services segment hit all-time revenue records in each major category including Cloud Services, Music, Apple Care, and Payment Services in the June quarter.

Our Services set a June quarter revenue record of $19.6 billion, up 12% over a year ago, with all-time revenue records in the Americas and the rest of Asia Pacific and June quarter records in Europe and Greater China.

apple services

With double digits Y-o-Y growth, Apple Services has more than 860 million paid subscribers

In spite of 500 basis points of foreign exchange headwinds and other macroeconomic deterrents, Apple Services saw 12% Y-o-Y growth with all-time revenue records in North and South Americas and Asia Pacific regions and June quarter records in Greater China and Europe, along with growth in emerging markets like India.

At the Q3, 2022 earnings call, the company’s CFO Luca Maestri explained that the increase in Apple Services is based on the strength of the company’s ecosystem. Reporting iPhone’s 98% customer satisfaction of 98%, he said that Apple gained a record number of switchers in the June quarter of 2022, with strong double-digit year-over-year growth. And that install base has boosted Apple Services.

Services had a June quarter revenue record of $19.6 billion, up 12% despite almost 500 basis points of FX headwinds as well as impacts from our business in Russia and the macroeconomic environment. We set June quarter revenue records in both developed and emerging markets and set all-time records in many countries around the world, including the U.S., Mexico, Brazil, Korea, and India.

The record level of performance of our services portfolio during the June quarter reflects the strength of our ecosystem on many fronts: First, our installed base has continued to grow, reaching an all-time high across each geographic segment and major product category. We also saw increased customer engagement with our Services during the quarter.

apple services

More importantly, with the introduction of new Services like Tap to Pay and Pay Later, and updating content on Services like Apple TV+, Music, Fitness+, and others, the company saw a double-digit increase in paid subscribers.

Our transacting accounts, paid accounts, and accounts with paid subscriptions all grew double digits year over year. And paid subscriptions showed very strong growth. We now have more than 860 million paid subscriptions across the services on our platform, which is up more than 160 million during the last 12 months alone.

And finally, we continue to improve the breadth and the quality of our current Services offerings, from a constant flow of new content on Apple TV+ and Apple Arcade to great new features we recently announced for iCloud and Apple Music, which we believe our customers will love

About the Author

Addicted to social media and in love with iPhone, started blogging as a hobby. And now it's my passion for every day is a new learning experience. Hopefully, manufacturers will continue to use innovative solutions and we will keep on letting you know about them.

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