Apple Services Revenue Hits Decade High as iPhone Shipments Stall
A record quarter for the App Store, iCloud and advertising offset softer hardware sales, underscoring Apple’s pivot to recurring revenue.
Apple’s services business generated $27.8 billion in revenue in the March quarter, the highest in the company’s history, helping offset a 3% decline in iPhone shipments.
Chief Financial Officer Luca Maestri said services gross margin expanded to 75%, a level he described as “structurally sustainable.”
Investors cheered the shift, sending the stock to a fresh all-time high in after-hours trading.
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