During its Q1 2023 earnings call on Thursday, tech giant Apple announced that it has added 35 million new paid subscribers to its services during the last three months of 2022, bringing the total number to more than 935 million, up 150 million from 2021 figures.
The company’s services, which include the App Store, Apple Music, Apple TV+, Apple Arcade, Apple Fitness+, Apple Pay, Apple One and iCloud, generated $20.8 billion from subscriptions during the fourth calendar quarter. That marks a 6% growth from $19.5 billion it reported for the same period of 2021.
Although the iPhone-maker is facing pressure from regulators in various markets including the United States and Europe over its App Store business, the company said it saw a double digit increase in revenue from App Store subscriptions.
For its fiscal 2023 first quarter ended December 31, 2022, Apple reported a quarterly revenue of $117.2 billion, down 5% year-over-year. The company also said that it now has over 2 billion active devices, including iPhones, iPads and Macs, around the world.
In a statement, Apple’s Chief Executive Officer Tim Cook said: “As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do. During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”
Apple’s Chief Financial Officer Luca Maestri commented: “We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis. We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”