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Tim Cook
Apple's Tim Cook

Revenue For Apple’s Services Division Reaches A Record High For Q3

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CUPERTINO, CA (CelebritryAccess) — Apple announced rosy financial results for the second it’s fiscal third quarter ended June 29, 2019, with quarterly revenue of $53.8 billion, up by 1% year-over-year.

This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” said Tim Cook, Apple’s CEO. “These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services, and several new products.”

Net income at Apple was $10.044bn, making the tech giant’s margins just under a healthy 20%.

The company’s consolidated financial filings do not list Apple’s streaming music business separately, but its services category, which includes the music and streaming video services, was Apple’s most second most profitable area of business, behind only the company’s iPhones business. Apple’s services division generated revenue of $11.455bn worldwide, up from $10.170bn in 2018, an all-time high for the unit.

While Cook trumpeted the company’s results, quarterly earnings per diluted share of $2.18, slid by 7 percent from the $2.34 Apple posted for Q3 in 2018.

“Our year-over-year business performance improved compared to the March quarter and drove strong operating cash flow of $11.6 billion,” said Luca Maestri, Apple’s CFO. “We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares, and $3.6 billion in dividends and equivalents.”

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