Today, Apple held its earnings call to announce its financial results for its third quarter of 2022. During the call, Apple CFO Luca Maestri revealed that the company could be on the way to the billion subscriber mark regarding its services business.
Apple’s services business grew to $19.6 billion in the third quarter of 2022, an increase from $17.4 billion year over year in the third quarter of 2021. In fact, it had a higher revenue increase than any other of the company’s business, including the iPhone which grew just over $1 billion in revenue year over year.
In addition to an increase in overall revenue, the company also made significant gains in terms of the number of paid subscribers that the company has across its services including its own in-house services and those offered through its App Store.
Apple is closing in on a billion paid subscribers
During the earnings call, Maestri touched on the amount of paid subscribers the company has added. According to Maestri, Apple has added around 30 million paid subscribers over the third quarter of 2022. Even more impressive, the company has added over 160 million paid subscribers over the last twelve months.
The company now commands a total of 860 million paid subscribers across its services businesses, including Apple’s own services including in Apple One as well as those offered through its App Store. If Apple can maintain this kind of growth over the next 12 months, the company could cross one billion paid subscribers as soon as next year.
The services growth, of course, ties back to the hardware growth. That, according to Maestri, is also reaching new heights.
“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category.”