Deeper penetration of devices per home, she said, lowers churn and raises life time value, or LTV, per user. Services adds high-margin incremental revenues to LTV, and also lower churn, Martin said. Subscription revenues add recurring revenues, and in the December quarter, Apple added 35 million subscribers to 620 million paid subscribers, according to Needham. AAPL Price Action: Apple shares were down 2.25% at $138.87 at last check Thursday. Related Link: Apple Analyst: iPhone Manufacturer Warrants Premium To The S&P 500 Photo courtesy of Apple.