Service revenue up by 19% year-over-year in Q1 2019, reports Apple
Apple has a staggering 19% year-over-year growth in its services category, which includes iTunes, the App Store, Apple Music, Apple Pay, iCloud and AppleCare, with Q1 2019 being Apple’s strongest ever quarter to date for services.
During an open call with investors following it’s Q1 2019 revenue report in which the company published revenue of $84.31 billion and net quarterly profit of $19.97 billion, Apple revealed it has more than 360 million paid subscribers across its services, an increase of 120 million compared to the year-ago quarter.
Over the holidays the iTunes Store reportedly had its highest quarterly revenue ever thanks to Apple Music, and customers around the world made over 1.8 billion Apple Pay transactions during the quarter, twice the amount in the previous quarter.
Apple expects the total number of paid subscribers across its services to surpass half a billion in 2020, notes Luca Maestri, Apple’s Chief Financial Officer, with the company aiming to reach $14 billion in services revenue per quarter by 2020.