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Apple hits 550 million paid subscribers across Services

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 Paid subscriptions for Apple Services business reached a record high of over 500 million at the end of June, an increase of 35 million in the last quarter alone.

The company now has over 550 million paid subscriptions across the services on its platform, up 130 million from a year ago.

“With this momentum, we remain confident to reach our increased target of 600 million paid subscriptions before the end of calendar 2020,” Luca Maestri, Apple CFO, said during an earnings call on Thursday.

The wearables, home and accessories established a new June quarter record with revenue of $6.5 billion, up 17 per cent year-over-year.

Meanwhile, Mac revenue was $7.1 billion, up 22 per cent over last year and a June quarter record. The company grew double digits in each geographic segment and set all-time revenue records in Japan and rest of Asia-Pacific as well as June quarter records in the Americas and Europe.

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“iPad performance was equally impressive with revenue of $6.6 billion, up 31 per cent and our highest June quarter revenue in eight years,” informed Maestri.

“As you know, last year we started selling new iPhones in late September. This year we project supply to be available a few weeks later. We expect the rest of our product categories to have strong year-over-year performance,” Maestri added.

In addition, the Cupertino-based tech giant ended the quarter with almost $194 billion in cash plus marketable securities.

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