Apple announces Q2 2024 earnings, slightly beating expectations with $90.75 billion revenue

Apple has disclosed its fiscal year 2024 Q2 earnings results. The company reports $90.75 billion in revenue during the three-month period, dropping 4.31% year over year. Analysts expected revenue around $90.33 billion. Apple netted $23.64 billion in profit, 2.15% decline.

Apple reported revenue of $94.8 billion for the same quarter a year ago. Apple argues that last year’s results included around $5 billion in revenue from “pent-up demand from the constraints” of Covid-19 factory shutdowns.

Other numbers from Apple’s quarterly results:

• EPS $1.53
• iPhone revenue $45.96 billion, a 10.46% drop ear over year
• Services revenue $23.87 billion, up 14.2% YOY
• Mac revenue $7.45 billion, a 3.9% increase YOY
• iPad revenue $5.56 billion, a 16.64% drop YOY
• Wearables, Home & Accessories revenue: $7.91 billion, a 9.7% drop YOY

Q2 2024 is the first quarter to include Apple Vision Pro purchases, although inventory has been limited to the United States since launching. More countries will see Apple Vision Pro availability in 2024. Perhaps we’ll hear more about that this afternoon during the earnings conference call.

From Apple CEO Tim Cook:

“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “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.”

From Apple CFO Luca Maestri:

“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple’s CFO. “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 twelfth year in a row.”

Apple will hold its conference call today at 2 p.m. Pacific/5 p.m. Eastern to discuss the quarter. Both Cook and Maestri will share prepared remarks and then answer a round of questions from analysts on the call. You can listen along here. We’ll report back if any news is made during the call.