Apple had a huge quarter, but revenue growth is slowing

All eyes are on Apple today, after a tumultuous series of earnings reports dropped this week. Google parent company Alphabet missed revenue expectations, while Meta (formerly Facebook) recorded a higher profit than expected this quarter. Apple just released its results and the company has performed respectably in its second quarter of the fiscal year 2022. This was its best March quarter yet, with revenues of $97.3 billion — a 9 percent jump from the same period last year. On today’s earnings call, CEO Tim Cook said the results were “better than we anticipated.” That said, it’s still a drop from its results last quarter, where it broke all-time records with revenues of $123.9 billion. 

Apple also hit a new all-time high on its revenue from Services, which includes things like subscriptions to TV+, Music and Fitness+. With its strong showing on the awards circuit recently, it’s hardly a surprise that TV+ is drawing in subscribers. Apple doesn’t break down how much it makes specifically from each individual service, so it’s hard to say just how much impact shows like Coda or Ted Lasso have had. Notably, Coda‘s winning of Best Picture at the Academy Awards makes Apple …read more