Apple disclosed earnings results for the second quarter of fiscal year 2024. The company reported revenue of $90.75 billion for the three-month period, down 4.31% year-over-year. Analysts had expected revenue of $90.33 billion. Apple's profit was $23.64 billion, a decline of 2.15%.
A year ago, Apple reported revenue of $94.8 billion for the same quarter. Apple says last year's results included about $5 billion in revenue from “pent-up demand due to restrictions”; factory shutdowns due to Covid-19.
Other numbers from Apple's quarterly results:
- EPS $1. 53
- iPhone revenue: $45.96 billion, down 10.46% year-over-year.
- Services revenue: $23.87 billion, up up 14.2% year over year.
- Mac revenue $7.45 billion, up 3.9% year over year.
- iPad revenue was $5.56 billion, down 16.64% year over year.
- Wearables, Home Products & Accessories revenue: $7.91 billion, down 9.7% year-over-year
The second quarter of 2024 will be the first quarter to record Apple purchases Vision Pro, although supplies have been limited to the United States since launch. Apple Vision Pro will be available in more countries in 2024. We may hear more about this this afternoon on the earnings call.
From Apple CEO Tim Cook:
“Apple today reported revenue of $90.8 billion for the March quarter, including an all-time high. “Record revenue in services,” said Tim Cook, Apple CEO. “This quarter, we were excited to launch Apple Vision Pro and show the world the potential that spatial computing unlocks. We're also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing our customers with the best products and services, while living the core values that drive us.”
From Apple CFO Luca Maestri:
“Thanks to very high levels of customer satisfaction and loyalty, our active installation base of devices has reached a new all-time high across all products and across all geographic segments, and our business performance set a new EPS record for the March quarter,” said Luca Maestri, Apple's chief financial officer. “Given our confidence in Apple's future and the value we see in our shares, our board of directors has authorized an additional $110 billion in share repurchases. We have also increased our quarterly dividend for the twelfth consecutive year.”
Apple will host a conference call today at 2:00 pm ET. Pacific/17:00. Eastern to discuss the quarter. Both Cook and Maestri will share prepared remarks and then answer a series of questions from analysts on the call. You can listen here. We'll let you know if there's any news during the call.
