Apple announces second quarter financial results for fiscal year 2024

Recently, Apple disclosed its financial results for the second quarter of the 2024 fiscal year, ending March 30, 2024. The report revealed quarterly revenues of $90.753 billion, a 4% decline year-over-year but surpassing market expectations of $90 billion. Net profits stood at $23.636 billion, slightly above the anticipated $23.17 billion and down 2% from the previous year’s $24.16 billion. Diluted earnings per share were $1.53, exceeding the prior year’s $1.52. The gross margin reached 46.6%, a 0.7 percentage point increase from the previous quarter and higher than the 44.3% reported in the same period last year.

Examining the revenue composition, the iPhone remains the cornerstone of Apple’s product lineup, accounting for 50.6% of total revenues at $45.963 billion, a 10% decrease from the previous year’s $51.334 billion. Mac revenues rose by 4% to $7.451 billion, up from $7.168 billion in the same quarter last year. iPad revenues fell by 17% to $5.559 billion from $6.67 billion. Revenue from wearable devices, home products, and accessories was $7.913 billion, down 10% from $8.757 billion the previous year. Service revenues increased by 14% to $23.867 billion, setting a new record.

In the closely watched Greater China region, revenues were $16.372 billion, an 8.1% decrease from the previous year’s $17.812 billion, performing better than many market research forecasts. Apple CEO Tim Cook noted that iPhone sales in China had grown, which may surprise some. He stated that Apple has more work to do in the Chinese market and remains “very optimistic” about its prospects there.

Additionally, Apple’s board has authorized an additional $110 billion for stock repurchases and announced a dividend increase from $0.24 to $0.25 per share, payable on May 16.