Apple executives cited the recently launched Apple TV+ as a positive contributor to the tech giant’s record services revenue of $13.3 billion in the first quarter. CEO Tim Cook also took note…
set by analysts, with Maestri and Cook describing a roller-coaster ride in responding to COVID-19.
The Services unit, which rose 16% to $13.3 billion in sales during the quarter, is now nearly one-quarter of total company revenue. Streaming numbers were not broken out — no change of protocol there — but the company said it ended the quarter with 515 million global subscribers to services, including newer offerings News, Arcade, Card and TV+.
The quarter ending March 31 was the first full quarter of results for Apple TV+. The service, which launched last November, is one of a handful of multi-billion-dollar challengers to streaming leader Netflix. Strategically, it is premised on Apple’s large installed base of devices and computers, which ended 2019 at about 1.6 billion. Every customer purchasing an Apple device is given one year free of Apple TV+, which otherwise retails for $5 a month.
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