Apple (AAPL) Q3 2023 Services revenue grew 8.2% from prior year

The revenue growth has been driven by over 1 billion paid subscriptions.

Image via Apple

Apple (AAPL) reported its Q3 2023 earnings results on Thursday evening which revealed that its Services revenue grew by over 8 percent year-over-year.

Apple iCloud graphic with various symbols in circles

Source: Apple

On Thursday, August 3, 2023, Apple (AAPL) released its Q3 2023 earnings report. Within this report, Apple showed the details for its Services, which saw its revenue grow 8.2 percent compared to the previous year, to $21.2 billion. Services include iCloud, Apple Fitness+, Apple Music, and Apple TV+, and AppleCare.

“We are happy to report that we had an all-time revenue record in Services during the June quarter,” Apple CEO Tim Cook wrote in the earnings report. Cook concluded that this increase was “driven by over 1 billion paid subscriptions."

Apple’s earnings results highlighted iPhone, Mac, and iPad revenues, which were down this quarter compared to the previous year. Revenue for iPad was $5.791 billion, down almost 20 percent year-on-year. However, Wearables, which includes Apple Watch and AirPods, was up almost 2.5 percent from Q3 2022.

For more on Apple’s earnings, take a look at our Q3 2023 page, where we’ve collated all the companies that have reported in this quarter. There’s also our AAPL page for everything related to Apple’s finances.

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