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Apple’s service revenue in the second fiscal quarter of fiscal year 2023

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Apple’s service revenue in the second fiscal quarter of fiscal year 2023

Apple, which has a large global user base, has been boosting its service business in recent years, and the service business has been Apple’s second-largest revenue source after the iPhone in recent years, bringing in significant revenue, according to foreign media reports.

For Apple’s services business, some investment banks expect revenue to grow more than 5 percent year-over-year in the second quarter of fiscal 2023, which ends in March.

Specifically, the investment bank expects Apple’s services business to generate $20.9 billion in revenue in the second fiscal quarter (currently about RMB 144.837 billion), up more than $1 billion (currently about RMB 6.93 billion) from $19.821 billion in the same period last fiscal year, an increase of about 5.7% year-over-year.

In addition to the year-over-year increase, the investment bank’s estimate of $20.9 billion in revenue for Apple’s services business in the second quarter is also expected to increase sequentially from the previous quarter, when Apple generated $20.766 billion in revenue.

It’s worth noting that the investment bank’s latest estimate of $20.9 billion was revised downward by 1% from its previous estimate, and if it hadn’t been, the year-over-year increase would have been even greater.

Apple’s second quarter fiscal year 2023 results are scheduled to be released on May 4 local time, and it will be revealed after the results are released whether services revenue will reach $20.9 billion as expected by the investment banks.