Sunday , 23 September 2018

Tim Cook: Wearables business hits Fortune 300 size, Apple Pay coming to 3 new countries soon

During Apple’s earnings call this afternoon, Tim Cook shared a pair of notable details about Apple’s wearables business, while he also touted that Apple Pay is soon coming to additional countries…

First off, Cook touted that Apple’s “Other” category hit nearly $4 billion in revenue during the second quarter of 2018. The category, which includes AirPods, Apple Watch, HomePod, Beats, iPod Touch, Apple TV and more, brought in $3.96 billion in revenue. That is up 38 percent year-over-year, with wearables specifically increased 50 percent year over year, which includes AirPods, Apple Watch, and Beats.

Cook touted on the call that Apple’s wearables business is now the size of a Fortune 300 company. For those keeping track, Apple said at its shareholders meeting in February that wearables was approaching the Fortune 300 mark, but it now seems to have officially hit that milestone.

This was another outstanding quarter for our wearables business, which includes Apple Watch, Beats, and AirPods with combined revenue of almost 50% year over year. Looking at its revenue over the last four quarters, our wearables business is now the size of a Fortune 300 company.

Furthermore, Cook used the Q2 earnings call as a way to drop some Apple Pay news. The Apple CEO announced that Apple Pay is coming to three new countries soon. Confirming earlier speculation, Cook said that Apple Pay will launch in Norway, Poland, and Ukraine over the “next several months.”

Cook touted Apple Pay’s growth during the quarter, saying that active users have more than doubled year over year, while total transactions have tripled. This can be at least partially attributed to new transit features:

We believe the availability of Apple Pay at major transit systems has been a key driver of adoption among commuters, and in March we launched Express Transit with Apple Pay in Beijing and Shanghai — the second and third largest transit systems in the world.

Read all of the details from Apple’s earnings release right here and relive the earnings call with our live blog.

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