Apple hits a whopping 1 MILLION paid subscribers while earning $21.2 billion in Q2
- Apple hit 1 billion paying subscribers, CEO Tim Cook announced Thursday in the company’s second-quarter earnings report
- The tech giant’s services division earned $21.2 billion, up from $19.6 billion a year earlier, but sales revenue is down 1 percent
- Cook announced in May that he had no plans to lay off employees
Apple has hit a whopping 1 billion paid subscribers even as sales fell, CEO Tim Cook announced Thursday.
The tech giant’s services arm — which includes Apple TV+, Apple Music, Apple Arcade, Apple News, and iCloud+ — earned $21.2 billion in the second quarter of 2023, up from $19.6 billion a year earlier.
“We are pleased to report that we delivered record services revenue in the June quarter, driven by more than 1 billion paid subscriptions, and saw continued strength in emerging markets driven by strong iPhone sales,” Cook said in a statement. .
The news comes after Apple managed to retain its employees despite mass layoffs in the technology industry.
But even Apple’s revenue fell in the second quarter of the year, with the company reporting it made $81.8 billion — down 1 percent from the year before.
Apple CEO Tim Cook announced on Thursday that the tech giant has passed the 1 billion paying subscriber mark. He was pictured at the Sun Valley conference last month
Sales of iPhones, iPads and Macbooks were all lower than a year earlier
Sales of iPhones, iPads and Macbooks are all lower than a year earlier.
The company recorded $39.67 billion in revenue for its iPhone business, down from $40.67 billion at the same time last year.
It also recorded $5.79 billion in iPad revenue, down nearly 20 percent from the same period in 2022, when Apple sold $7.22 billion worth of iPads.
Mac revenues were $6.8 billion, down from $7.38 billion in 2022, but still ahead of Wall Street expectations, which had $6.26 billion.
The company also received $8.28 billion in revenue from its various wearables, home and accessories, up $200 million from the year before.
Apple stock prices are now up nearly 26 percent over the past six months.
Apple stock prices are now up nearly 26 percent over the past six months
Thursday’s earnings report comes just three months after Cook announced the company would not fall victim to massive tech layoffs.
He told CNBC in May that culling its workforce would only be seen as a “last resort,” adding that it’s “not something we’re talking about right now.”
While calming fears that Apple would fall alongside its competitors, Cook claimed that Apple is still cutting costs and slowing hiring rates amid an economic downturn.
“We remain extremely cautious about hiring,” said the CEO. We will continue to hire people, just at a lower clip level than before.
“And we’re doing everything we can to challenge the things we spend, and we’re finding a few more ways to cut back on it.”