Apple services segment revenue reached a new all-time high of $13.3 billion in the fiscal second quarter of 2020, up from $11.5 billion in the year-ago quarter, marking 17% growth year-over-year.
The services category, which includes the App Store, Mac App Store, iTunes, Apple Music, Apple TV+, Apple Pay, AppleCare, Apple Arcade, Apple News+, and more continued to show significant growth despite the challenges the company faced due to the COVID-19 pandemic.
Apple in 2016 set a goal of doubling its services revenue by 2020, Apple appears to be on-target for hitting the goal this year, with 515 million paid subscriptions across the services platform, with a target of 600 million by year’s end.
Apple debuted numerous new services in 2019, including the Apple Card, Apple Arcade, Apple News +, and Apple TV+. Apple CEO Tim Cook commented today that Apple News hit a new milestone of 125 million active users. App Store revenue saw double-digit growth.