Apple Services Quarterly Revenue Hits New Record, Growing 14% to $24.2 Billion

Apple‘s Services segment provided a lift to the tech giant’s overall June 2024 quarterly earnings, amid a slight drop-off in iPhone sales.

The company’s Services division, which includes Apple TV+, Apple Music, the App Store and other services, posted a new quarterly revenue record of $24.21 billion, an increase of 14.1%. Sales of the company’s iPhone smartphones came in at $39.3 billion, down 0.9%.

Overall, for the three months ended June 29, the company reported revenue of $85.8 billion, up 5% and a record for a June quarter. Apple’s earnings per diluted share of $1.40, up 11%. That edged over Wall Street expectations, which had pegged sales of $84.53 billion and EPS of $1.35. For the September 2024 quarter, analysts are predicting a top-line take of $93.39 billion.

Apple CEO Tim Cook called out the company’s news announcements at the 2024 Worldwide Developers Conference, including Apple Intelligence, which “puts powerful, private generative AI models at the core of iPhone, iPad and Mac.”

More to come.