Apple Announces Q2 2024 Earnings, Surpasses Analyst Expectations Apple has recently released its financial results for the second quarter of fiscal year 2024, slightly surpassing Wall Street forecasts.

The tech giant reported $90.75 billion in revenue, marking a 4.31% decrease from the previous year’s $94.8 billion. Analysts had anticipated revenue closer to $90.33 billion. Profit also saw a slight dip, coming in at $23.64 billion, down by 2.15% year-over-year.

Despite the year-over-year decline, Apple highlighted some key areas of growth and operational achievements. Earnings per share (EPS) stood at $1.53. The breakdown of revenues from Apple’s various segments showed varied performance:

  • iPhone sales reached $45.96 billion, a decrease of 10.46%, while Services grew robustly by 14.2%, generating $23.87 billion.
  • Mac sales were up by 3.9%, amounting to $7.45 billion, whereas iPad revenues fell sharply by 16.64% to $5.56 billion.
  • The Wearables, Home & Accessories segment also experienced a decline, down by 9.7% at $7.91 billion.

This quarter was particularly notable as it included sales from the newly launched Apple Vision Pro, though its availability was initially limited to the United States. Apple has announced plans to expand the availability of Apple Vision Pro to additional countries within the year.

Apple Vision Pro Event

Apple CEO Tim Cook expressed enthusiasm about the company’s current trajectory, stating:

“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services. During the quarter, we were thrilled to launch Apple Vision Pro and to 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 the very best products and services for our customers, and doing so while living up to the core values that drive us.”

Echoing Cook’s sentiments, Apple CFO Luca Maestri commented on the company’s robust customer loyalty and satisfaction, which has led to a record-high active installed base of devices across all product categories and geographic segments:

“Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the 12th year in a row.”

Apple held a conference call on May 2 to further discuss these results and provide additional insights into its financial health and strategic directions. This session included prepared remarks from both Cook and Maestri, followed by a question-and-answer session with analysts. Audio from the conference call is now available to stream from the Apple website.

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