Apple reports second quarter 2024 results: $23.6 billion profit on $90.8 billion revenue

On May 2, 2024By Vaseline

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

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For the quarter, Apple posted revenue of $90.8 billion and quarterly net profit of $23.6 billion, or $1.53 per diluted share, compared to revenue of $94.8 billion and quarterly net profit of $24.1 billion, or $1.52 per diluted share, in the prior year quarter. . Apple set a quarterly record for services revenue of $23.9 billion, but iPhone revenue fell by more than $5 billion compared to the previous year’s quarter.

Gross margin for the quarter was 46.6 percent, compared to 44.3 percent in the prior year quarter. Apple’s board of directors also authorized another $110 billion in share buybacks and announced an increased dividend payout of $0.25 per share, up from $0.24 per share. The dividend will be made payable on May 16 to shareholders of record on May 13.

“Today, Apple reports revenue of $90.8 billion for the March quarter, including record revenue in Services,” said Tim Cook, Apple’s CEO. “During the quarter, we were thrilled to launch Apple Vision Pro and show the world the potential that spatial computing unlocks. We also look forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on delivering the very best products and services to our customers, and do this while living the core values that drive us.”

As has been the case for more than four years, Apple is once again providing no guidance for the current quarter ending in June.

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Apple will livestream its Q2 2024 financial results conference call at 2:00 PM Pacific, and MacRumors will update this story with coverage of conference call highlights.

The conference call starts at 2:00 PM Pacific – No refresh required

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