Apple reports a record $12.7B in services revenue

Apple’s increasing focus on its services business seems to be paying off, with the company reporting a record $12.7 billion in services net sales during the first quarter of its fiscal year — a year-over-year increase of roughly 17%. Services includes existing offerings like iCloud and Apple Music, as well as a number of new subscriptions that Apple has launched in the past year, such as Apple Arcade and Apple TV+.

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