Apple on Wednesday announced its earnings for the first fiscal quarter of 2021, reporting all-time record revenue of $111.4 billion, up 21 percent year over year.
The company saw “double-digit growth in each product category,” with its Services category seeing significant growth with revenue skyrocketing to $15.8 billion up from $12.7 billion in the year-ago quarter, fueled by strong consumer spending on the App Store and Apple’s ever-growing range of subscription services including Apple Music, Apple News+ and iCloud.
Apple now has more than 620 million paying subscribers across its services, up 140 million from a year ago.
Apple CEO Tim Cook reported that there are now more than 1 billion iPhones being used around the world, up from 900 million in 2019, with the company’s active installed base reaching 1.65 billion devices – compared to 1.5 billion this time last year.