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


Apple reported an ‘all-time record in services’ during the June quarter 

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.

Chief executive Tim Cook said: “We are happy to report that we had an all-time revenue record in services during the June quarter, driven by more than 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of the iPhone.

“From education to the environment, we are continuing to advance our values while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”

Luca Maestri, Apple’s chief financial officer, said: “Our June quarter year-on-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment.

“During the quarter, we generated very strong operating cash flow of $26bn (£20.4bn), returned over $24bn (£18.8bn) to our shareholders and continued to invest in our long-term growth plans.”