Between October 2022 and December 2022, Apple set an all-time revenue record of $20.8 billion in its Services business, which covers Apple Music, iCloud+, Apple TV+, Apple Arcade, Apple News+, AppleCare, and more.
The news came after the iPhone maker shared lacklustre financial results for the fiscal 2023 first quarter, marking the first year-over-year sales decline for the company since 2019 as quarterly revenue reached $117.2 billion, down 5 percent year over year.
The latest Q1 2023 results cover the period where Apple’s market valuation dropped below $2 trillion as shares declined to their lowest value since June 2021 at $125.07, with the company posting net quarterly profit of $30.0 billion, compared to net quarterly profit of $34.6 billion in the year-ago quarter.
