Apple beat on the top and bottom line today, but investors nudged the shares lower as sales fell in China and the company didn’t deliver the blowout the Street seemed to want. Revenue of $119.6 billion beat expectations and was up for the first time after four quarters of declining sales. Apple had told investors to expect revenue to be about flat with a year ago.
Luca Maestri said Apple Services, the division that includes Apple TV+ as well as Apple Music, Apple News, Apple Arcade, Apple Books, Podcasts, Fitness, the App store, Apple One and other things Apple, saw record revenue last quarter of $23 billion, up 11%, with paid subscriptions continuing to grow in the “strong double digits” and now “well over” one billion.
Move over, Ted Lasso. There’s a new Apple TV+ series making its way onto the Nielsen streaming charts.