The company said that paid accounts are growing faster than transacting accounts, so the penetration of paid accounts is increasing.

“We have a great subscription business, 900 million paid subs now on the platform and growing very fast. We doubled in 3 years. This is the part that is really interesting to us because we really believe that the engine for services growth is there, foreign exchange is a temporary thing and the fundamentals are very good,” Cook said during the company’s earnings call for the September quarter.

Services notched a September quarter record as well with a revenue of $19.2 billion.

“We reached another record on our installed base of active devices, thanks to a quarterly record of upgraders and double-digit growth in switchers on iPhone. Across nearly every geographic segment, we reached a new revenue record for the quarter,” said Cook.

On silicon-related supply constraints, he said thise issues were not significant in the quarter.

“I want to acknowledge that we are still living through unprecedented times. From war in Eastern Europe to the persistence of Covid-19, from climate disasters around the world to an increasingly difficult economic environment, a lot of people and a lot of places are struggling,” said the Apple CEO.

“Through it all, we’ve aimed to help our customers navigate through the challenges while giving them the tools to drive progress for themselves and their communities,” he added.

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