Apple on Tuesday published its Q1 financial results, reporting that services revenue grew by 19 percent year-over-year to reach an all-time high of $10.9 billion, according to zdnet.com. On a conference call Tuesday, Apple CEO Tim Cook and CFO Luca Maestri outlined the factors behind the growth of Apple’s Services business – and those constraining it.
In addition to posting Apple’s highest-ever global Services revenue, the company also had all-time records across multiple categories of Services, including the App Store, Apple Pay, cloud services and the App Store search ad business.
Apple Pay saw more than 1.8 billion transactions in the quarter, well over twice the volume of the year-ago quarter. Apple Pay was launched in three new countries in the December quarter – Germany, Belgium and Kazakhstan – and is now live in 27 markets around the world. In Germany, Cook said, Deutsche Bank reported more activations for Apple Pay in one week than for Android in an entire year.
The Services business is growing in part because of Apple’s install base, which by the end of December grew to 1.4 billion active devices, according to Maestri.
Apple is also growing its Services business by increasing the scope of those services, Maestri said. For instance, Apple Pay started as a way to make payments in a store or app, then became available on Safari, and then expanded with a peer-to-peer service.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
