Apple on Thursday introduced its second quarter 2024 earnings, posting income of $90.8 billion for the quarter, a 4 % decline 12 months over 12 months, and quarterly earnings per diluted share of $1.53, which is one cent larger than final 12 months. The corporate reported $23.6 billion in revenue.
Apple beat the analysts’ predicted income of $90 billion and earnings per diluted share of $1.50.
iPhone gross sales, which normally buoy Apple’s outcomes, took a success this quarter, posting $46 billion in income, which is a ten % lower from the second quarter of 2023. Wearables, Dwelling, and Equipment income was additionally down 10 %. iPad gross sales had been additionally down 17 %.
Apple’s Providers set a file for the quarter and noticed a leap in income YoY of 14 %, whereas Mac gross sales elevated about 4 %.
“In the course of the quarter, we had been thrilled to launch Apple Imaginative and prescient Professional and to indicate the world the potential that spatial computing unlocks,” stated Apple CEO Tim Prepare dinner in a press release. “We’re additionally trying ahead to an thrilling product announcement subsequent week and an unimaginable Worldwide Builders Convention subsequent month. As at all times, we’re targeted on offering the perfect services and products for our clients, and doing so whereas residing as much as the core values that drive us.”
How the quarter ended YoY for Apple:
- iPhone: $46 billion (down from $51.3 billion)
- iPad: $5.6 billion (down from $6.7 billion)
- Mac: $7.5 billion (up from $7.2 billion)
- Wearables: $7.9 billion (down from $8.7 billion)
- Providers: $23.9 billion (up from $20.9 billion)
Apple had income challenges in Higher China, Japan, and Asia Pacific, the place income was down from these areas a complete of 11 % YoY.
Apple declared a money dividend of $0.25 per share of frequent inventory payable on Could 16, 2024, to shareholders of file on the shut of enterprise on Could 13, 2024. Apple additionally approved a further program to repurchase as much as $110 billion of frequent inventory.
Apple didn’t problem steerage for the third quarter of 2024, which ends this June. The corporate did say it expects double-digit progress in iPad and Providers income, and low single-digit progress in whole.
Apple is holding its “Let Loose” event on May 7 and is expected to disclose new iPad fashions and equipment. Learn how you can watch the “Let Loose” event.