Apple profits rise driven by ‘all-time revenue record in services’

Exterior of Apple Sheffield store

Apple has reported increased profits with an “all-time revenue record in services” as the tech giant reaches more than 1 billion paid subscriptions.

In a trading update for the third quarter ending July 2023, Apple reported a net income of $19.8bn (£15.6bn) as compared with the $19.4bn (£15.2bn) the tech giant reported at the same time last year.

Net sales dipped by 1% year on year to $81.8bn (£64.3bn), whereas earnings per share were up 5% year on year.

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