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Apple Card ‘scaling’ with growth rate +20%

Overall, services revenue at Apple, which includes Apple Card, grew 33% in Q2

JJ HornblassbyJJ Hornblass
July 28, 2021
in Payments
Reading Time: 1 min read
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Apple’s new credit card is part of a basket of products that drove 33% revenue growth last quarter, the company announced yesterday.

Services revenue, which includes Apple Card, climbed to $17.5 billion last quarter, up from $13.2 billion during the same quarter in 2020.

Tim Cook, Apple’s CEO, made particular mention of Apple Card during the company’s earnings call yesterday as one of the products driving Apple’s Services revenue category.

“[O]f course, we continue to increase both the quality and the quantity of the services,” Cook said. “As you know, during the last few years, we’ve launched a lot of new services from Apple TV+, Fitness+, Apple Arcade, News+, of course, the Apple Card. And so these are businesses that we are scaling right now, and so all that additional revenue helps.”

Cook said the growth rates for Apple’s services businesses are high. During the past four quarters, growth rates have been “well into the mid-20s,” meaning more than 20%, he said. “So I think it’s obviously very nice for us to see.”

Apple launched its Apple Card in 2019. The company integrates its Apple Card offerings and payment processes in an automated fashion within the iPhone OS.

Overall, Apple generated net sales of $81.4 billion last quarter, up from $59.7 billion during the same quarter the previous year. The company has a market capitalization of nearly $2.5 trillion.

Tags: AppleApple Cardmobile paymentsPremium
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