Apple has its fiscal year 2024 Q1 earnings results. The company reports $119.58 billion in revenue during the three-month period. Analysts expected revenue around $117.91 billion. Apple reported revenue of $117.15 billion for the same quarter a year ago in what was a rare miss for the firm.
Other numbers from Apple’s quarterly results:
- EPS $2.18 (vs $2.10 expected)
- iPhone revenue $69.70B (vs $67.96B expected)
- Services revenue $23.12B (vs $23.31B expected)
- Mac revenue $7.78B (vs $7.80B expected
- iPad revenue $7.02B (vs $7.31B expected)
- Wearables, Home & Accessories revenue: $11.95B (vs $11.39B expected)
Q1 2024 is the first quarter to fully include sales for the iPhone 15 line, Apple Watch Series 9, Apple Watch Ultra 2, and USB-C AirPods Pro 2. It also included sales of the M3 iMac and 14-inch MacBook Pro as well as the M3 Pro and M3 Max 14- and 16-inch MacBook Pros. No new iPads were released during the 2023 calendar year. Apple Vision Pro, which comes out tomorrow, will make the next quarterly earnings.
From Apple CEO Tim Cook:
“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.”
From Apple CFO Luca Maestri:
“Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans.”
And from CNBC:
Apple CEO Tim Cook told CNBC’s Steve Kovach that some of the company’s growth rates actually represent a “huge acceleration” from last quarter, because this year’s December quarter has one fewer week than last year’s first fiscal quarter due to the way Apple’s corporate calendar works.
“It’s important to keep in mind that last year, we had 14 weeks in the quarter. This year we had 13,” Cook said.
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.
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