Usually, when Apple releases its quarterly earnings, you'll find a quote from CEO Tim Cook in the release at least mentions the iPhone -- after all, it accounts for the single biggest chunk of the company's quarterly takings. This time, though, the word "iPhone" hardly appears in the company's release, probably because Apple's smartphone revenue is way down from last year.
Over the past three months, Apple raked in just north of $31 billion thanks to iPhone sales, compared to $37.6 billion this time in 2018. As you might expect, that had a pretty significant effect on Apple's overall business: last year's March quarter was its best ever, but this time, the company only pulled in a total of $58 billion in revenue. That's a noticeable dip to be sure, but it was apparently still enough to appease Wall Street: Apple beat analyst expectations across the board, prompting the company's stock price to surge nearly 5 percent (at time of writing) in after-hours trading.
As important as hardware is to Apple's bottom line, the company is keenly aware that its biggest growth opportunity lies elsewhere: services. Mainstays like iCloud and Apple Music are nothing new, but the company launched its News+ subscriptions back in March, and aims to get its Apple TV+ and Apple Arcade services live sometime this year. It'll be a while before we get to see what kind of impact exclusive shows and games will have on Apple's bottom line, but for now, Apple's non-hardware business is still surprisingly strong: Cook says over the past three months, the company's services set "an all-time record." Put another way, Apple saw its services business surge to $11.5 billion this quarter.
Let's put that number in context: Cook didn't laud the iPhone in today's release, but he did point out that the iPad had a strong quarter, resulting in $4.87 billion in revenue. If you combine that with all the money Apple made on non-iPhone hardware this quarter, it still isn't enough to match Apple's services revenue. And again, that doesn't include any of the new stuff Apple has waiting in the wings -- the only new service Apple launched to the public last month was its $9.99/month News+, but since everyone who signed up got a free month, none of that money made it into this quarter's release.
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