Closing Apple’s Q3 2019 trading update, CEO Tim Cook has confirmed that the technology giant will launch its ‘Apple Card’ credit card service this August for US customers.
Despite beating expectations, recording quarterly revenues of $53.8 billion (Q3 2018: $53bn), business analysts are monitoring Apple movements closely as flagship iPhone revenues decline – Q3 2019 $25bn / Q3 2018 $29bn.
Updating the market, Cook detailed that Apple would continue to diversify its product portfolio focusing on wearables, home technology, accessories and add-on services.
“This was our biggest June quarter ever — driven by all-time record revenue from services, accelerating growth from wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” Cook said in a press release.
“These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”
Apple governance has chosen not to disclose a specific date or any further product information related to its Apple Card launch, simply confirming that the service will debut this August.
Apple Card was first announced at the firm’s ‘innovation summit’, last March, with Apple confirming that it would launch the service in partnership with Mastercard and Goldman Sachs.
At the time of presentation, Tim Cook disclosed Apple Card’s mission statement of ‘replacing the wallet’ and helping consumers ‘lead healthier financial lifestyles’.
Heading into the closing months of 2019, Apple has a scheduled a number of major product and new services being launched, which will likely overshadow the US debut of Apple Card, an untested vertical for the tech giant.
Apple’s next trading update will include the results of sales related to its 2019 iPhone portfolio, in addition to two new subscription services – Apple TV+ and Apple Arcade.
Apple TV+ has been branded as ‘Apple’s answer to Netflix’, whilst its Arcade subscription service, sees the company expand its footprint within the video and casual games markets.
Despite its continued diversification, Apple closing quarter will likely be dominated by the sales uptake of its iPhone 11 product released on 10 September.
As iPhone revenues stagnate, Apple states that it will launch the best handset to engage customers with the pending 5G mobile advancements.
