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+.

The numbers were part of a strong earnings report for Apple, with better-than-expected revenue of $91.8 billion.

The company no longer reports the unit sales of its different product lines, but we can still track general trends by looking at net sales. In addition to the growth in services, the wearables, home and accessories category grew even more rapidly, reaching a record high of $10.0 billion (compared to $7.3 billion a year ago).

Meanwhile, iPhone sales were also up to around $56.0 billion, compared to $52.0 billion during the previous Q1, with CEO Tim Cook crediting "strong demand for our iPhone 11 and iPhone 11 Pro models" in the earnings release.

There was less happy news for in the Mac and iPad categories, where sales fell to $7.2 billion (from $7.4 billion) and $6.0 billion (from $6.7 billion) respectively.

Apple shares rise after company reports better-than-expected revenue of $91.8B