Apple Reports Q2 2024 Revenue of $90.75 Billion, Surpassing Analyst Predictions

Apple has unveiled its financial results for the second quarter of the fiscal year 2024, reporting a revenue of $90.75 billion and a profit of $23.64 billion. These figures represent a slight decline from the previous year, with revenue dropping 4.31% and profit decreasing by 2.15%. Despite these figures, Apple managed to slightly exceed analyst expectations, which projected around $90.33 billion in revenue.

Comparison with Previous Fiscal Year

The comparison with last year’s revenue of $94.8 billion underscores a noticeable drop. Apple attributed last year’s higher earnings to approximately $5 billion in revenue generated from pent-up demand following Covid-19 related factory shutdowns, which did not recur this year.

Segment-wise Revenue Breakdown

Below is a table summarizing the financial outcomes for key segments of Apple’s business in Q2 2024:

CategoryQ2 2024 RevenueYear-Over-Year ChangeComments
Total Revenue$90.75 billion-4.31%Slightly above analyst expectations of $90.33 billion
Profit$23.64 billion-2.15%
iPhone Revenue$45.96 billion-10.46%Decline attributed to market saturation and economic factors
Services Revenue$23.87 billion+14.2%Growth driven by increased subscriptions and service offerings
Mac Revenue$7.45 billion+3.9%Continued demand for remote work solutions
iPad Revenue$5.56 billion-16.64%Drop possibly due to shifts towards hybrid devices
Wearables, Home & Accessories$7.91 billion-9.7%Decrease in consumer spending on non-essential electronics
EPS (Earnings Per Share)$1.53

This detailed view provides insights into the areas where Apple has seen growth as well as those where it has faced challenges.

Introduction of Apple Vision Pro

The launch of the Apple Vision Pro marks a significant milestone, with Q2 2024 being the first quarter to record its sales. Although currently limited to the United States, Apple plans to extend its availability to more countries within the year.

Leadership Insights

CEO Tim Cook expressed enthusiasm about the revenue record in Services and the launch of the Apple Vision Pro, stating, “We were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks.” He also teased an exciting product announcement next week and the upcoming Worldwide Developers Conference.

CFO Luca Maestri highlighted the growth in customer satisfaction and loyalty, which has propelled the active installed base of devices to a new all-time high. In response to Apple’s confidence in its future, Maestri announced, “Our Board has authorized an additional $110 billion for share repurchases.”

Financial Strategies and Shareholder Value

Amidst these financial strategies, Apple is also raising its quarterly dividend for the twelfth consecutive year, underscoring its commitment to returning value to shareholders.

Upcoming Events and Expectations

Apple is scheduled to hold a conference call later today to discuss these results in detail. Both Cook and Maestri will participate, providing further insights and answering analyst questions.

MacReview Verdict

Despite a slight year-over-year decline in revenue and profit, Apple continues to show resilience in its financial performance. The company’s strategic diversification into services and innovative products like the Apple Vision Pro, coupled with strong financial strategies, positions it well for future growth. As Apple gears up for its next product launch and the much-anticipated WWDC, stakeholders and fans eagerly await what’s next in its technological evolution.

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