Apple’s Paid Subscribers Doubled to 900 Million in 3 years

Apple has about 900 million paid subscribers on its platform, which has more than doubled in just three years, according to company CEO Tim Cook.

According to the company, paid subscribers are rising exponentially than transacting accounts, so paid account penetration is increasing.

“We have a great subscription business, 900 million paid subs now on the platform and growing very fast. We doubled in 3 years. This is the part that is really interesting to us because we really believe that the engine for services growth is there, foreign exchange is a temporary thing and the fundamentals are very good,” Tim Cook said during the company’s earnings call for the September quarter.

Source: business-standard.com

Services as well set a new high in the September quarter, with 19.2 billion USD in revenue.

Tim Cook, CEO of Apple, also said that they have reached one more record on their installed base of active devices which is all thanks to a quarterly upgraders’ record and double-digit development in switchers on iPhone, and they also reached the latest revenue record for said quarter throughout nearly every geographic segment.

In terms of silicon supply constraints, he stated that they were not noticeable in the quarter.

He also stated that he wants to admit that we are still living in unprecedented times, from the war in Eastern Europe to the tenacity of Covid-19 and also from environmental disasters all around the world to a growingly difficult economic environment.

Also, he added that, through it all, they have aimed to help their customers navigate the challenges while also providing them with the tools they need to continue driving progress for both their organizations.

Apple iPhone revenue increased 10% year on year to a September quarter record of $42.6 billion, according to the company, as the Indian market perceives bumper iPhone sales led by the new 14 series.

Apple CEO Tim Cook stated that customer demand was “stronger and more favorable than they anticipated. According to a report, the Apple iPhone 15 Series will have a USB-C charging port and four models with significant feature differences.

“Customers are loving our iPhone 14 line-up. Loaded with camera upgrades for sharper photos, Action Mode for smoother videos and new safety features like Crash Detection and Emergency SOS via Satellite, iPhone is even more indispensable to our daily lives,” Cook told analysts during the company’s quarterly earnings call late on Thursday.

Source: latestly.com