Apple’s Services business sets an all-time revenue record

Apple’s Services business saw revenue grew 24% to set another all-time record during the company’s fourth fiscal quarter. Those Services include Apple Music subscriptions, iTunes Music, iCloud storage plans, paid apps from Apple's App Store, and Apple Care service plans, Apple Pay, etc.

Apple Pay transactions were up 500% year-over-year. Chief Financial Officer Luca Maestri says there were more Apple Pay transactions in the fourth quarter than inall of 2015. CEO Tim Cook expects “rapid” adoption of Apple’s mobile payment system in Japan, where it launched this week. He also teased a Spain launch in “the next few months.”

Apple’s music revenue from Apple Music and iTunes was up 22% year-over-year in quarter four.