Revenues from Services earned double-digit growth’ across the world, according to figures released by Apple during its July earnings call with investors and analysts.
Apple CEO Tim Cook
As revealed in its July 2019 quarterly earnings call, Apple’s Services, such as iCloud, Apple TV, Apple News and Apple Music, earned the company $11.5B in the last quarter, making a combined growth of 13% since this time last year.
Discounting a one-time accounting adjustment last year, this quarter’s revenues would represent a 15% growth in real times, which CEO Tim Cook described as “a new high-water mark for Services.”
“[It set] all-time records for the App Store and Apple Music [led to] double-digit growth in all five of our geographic regions,” he said.
Apple’s Services revenue over the last four years. (Graph: Malcolm Owen)
Cook singled out the revamped Apple TV app, which launched in 100 countries back in May. According to Cook, the monthly viewing figures in the US are up 40% year on year.
He said that this growth plus “a blow-out quarter for wearables,” meant that if you combined the figures for both, “they now approach the size of a Fortune 50 company.”