Q1 2023 set all-time revenue record of $20.8 billion for Apple’s growing Services business

Apple posted lacklustre financial results for its fiscal 2023 first quarter on Thursday, reporting quarterly revenue of $117.2 billion, down 5 percent year over year, marking the iPhone maker’s first year-over-year sales decline since 2019.

During the period, which saw the company post net quarterly profit of $30.0 billion, compared to net quarterly profit of $34.6 billion in the year-ago quarter, Apple set an all-time revenue record of $20.8 billion in its Services business, which covers Apple Music, iCloud+, Apple TV+, Apple Arcade, Apple News+, AppleCare, and more.

Confirmed by Luca Maestri, Apple’s CFO, the company generated over $20 billion between October 2022 and December 2022, the most it has ever made through its Services business to date.

Additionally, Apple CEO Tim Cook has announced that there are more than 2 billion active iPhones, iPads, Macs, and other Apple devices worldwide, the largest amount of active devices ever reported by the company.