Wednesday, June 12, 2024

Apple Reports 2Q 2024 Results: $23.6B Profit on $90.8B Revenue


Apple today announced financial results for the second fiscal quarter of 2024, which corresponds to the first calendar quarter of the year.

For the quarter, Apple posted revenue of $90.8 billion and net quarterly profit of $23.6 billion, or $1.53 per diluted share, compared to revenue of $94.8 billion and net quarterly profit of $24.1 billion, or $1.52 per diluted share, in the year-ago quarter. Apple set an all-time quarterly record for Services revenue at $23.9 billion, but iPhone revenue dropped by over $5 billion compared to the year-ago quarter.

Gross margin for the quarter was 46.6 percent, compared to 44.3 percent in the year-ago quarter. Apple’s board of directors also authorized an additional $110 billion for share repurchases and declared an increased dividend payment of $0.25 per share, up from $0.24 per share. The dividend is payable May 16 to shareholders of record as of May 13.

“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.”

As has been the case for over four years now, Apple is once again not issuing guidance for the current quarter ending in June.

Apple will provide live streaming of its fiscal Q2 2024 financial results conference call at 2:00 pm Pacific, and MacRumors will update this story with coverage of the conference call highlights.

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Tag: Earnings
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