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Apple will release its fiscal second quarter results on May 2. This is what to expect from the financial results and subsequent analyst conference call.
Apple confirmed Thursday that it will hold a second-quarter earnings conference call on May 2. The conference call, in which CEO Tim Cook and CFO Luca Maestri will explain details of the results, will take place at 5:00 pm PT. ET, following the release of the results themselves at approximately 4:30 p.m. ET.
Last quarter: details of the first quarter
Historically, the largest quarter of the year For Apple, first-quarter 2024 results benefit from being the first period since the launch of the iPhone 15 generation, as well as the extremely profitable holiday shopping period.
This is also the first full quarter for new M3 Mac models, including the refreshed 14-inch MacBook Pro, 16-inch MacBook Pro and 24-inch iMac. Apple Watch Series 9, Apple Watch Ultra 2 and AirPods Pro 2 also experienced their first full quarter of release.
For the quarter, Apple reported revenue of $119.58 billion, up 2.1% year over year, with earnings per share of $2.18, up from $1.88 in the quarter. last year.
iPhone revenue rose 6% year-over-year from $65.8 billion to $69.7 billion. Mac revenue rose modestly from $7.74 billion to $7.78 billion, while iPad revenue fell 25.3% from $9.4 billion to $7.02 billion.
Wearables, home goods and accessories also decreased from $13.48 billion to $11.95 billion. The always-reliable services division continued to grow, with revenue of $23.117 billion up 11.3%.
During the call, Maestri mentioned that Apple generated nearly $40 billion in operating cash flow and returned nearly $27 billion to shareholders.
Wall Street had forecast that Apple would report revenue of $108 billion or $126 billion, depending on which consensus report was read.
One year ago quarter: second quarter 2023
The second quarter 2023 results, which analysts will directly compare with the second quarter 2024 results, resulted in some decline in Apple's sales. The company's revenue was $94.3 billion, down from its second-quarter 2022 result of $97.28 billion.
At the time, Apple set earnings per share of $1.52, consistent with second-quarter 2022 results.
iPhone sales were strong, rising from $50.6 billion in the second quarter of 2022 to $51.3 billion, while iPad sales fell from $6.7 billion to $7.6 billion . Mac revenue fell even further, from $10.4 billion to $7.2 billion.
Wearables, Home and Accessories saw a slight decline from $8.8 billion to $8.76 billion. Services maintained its growth, increasing from $19.8 billion to $20.9 billion.
What happened in the second quarter of 2024
With Apple's holiday revenue growth largely overcome, second-quarter results are typically driven by more normalized sales across its core product lines. However, Apple still introduced new products during this period.
In early February, Apple Vision Pro finally went on retail sale. A brand new platform for Apple, the headset offers spatial computing through a mixed reality interface and was released to great fanfare.
Although the launch was high-profile and the price was high, Apple's Vision Pro's relatively low production level compared to other product categories means it likely won't have much of an impact on financial performance. However, that won't stop analysts from asking Apple management about its progress.
Apple also introduced updates to the MacBook Air line, including the Apple Silicon M3 chip. Again, released very late in the period, it won't make much of a difference, although the November updates to the MacBook Pro and iMac will have a bigger impact.
It is likely that analysts will be interested in the US Department of Justice's antitrust lawsuit against Apple, as well as the implementation of the Digital Markets Act in Europe.
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