Apple’s Q1 2024 Results
Apple (transcript, Hacker News, MacRumors):
The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year.
“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.
Overall, it was the company’s second best quarter ever in terms of revenue and profit, behind only the first quarter of fiscal 2022. Mac sales ended a string of down quarters to nudge up slightly; iPhone sales were also up. iPad sales were down double digits, as were wearables. Services growth slowed somewhat, but was still up double digits.
Not a product announcement, not even a feature announcement—but a tangible promise that Apple’s going to announce some big AI features later this year.
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The iPhone, which accounted for nearly 60 percent of Apple’s overall revenue in the launch quarter of the iPhone 15, managed to show a little growth, improving 6% versus the year-ago quarter.
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When you stare at the overall Mac revenue chart, though, things look pretty solid. Yes, the Mac went through a couple of years of huge growth, but it seems to be coming back to a new, higher floor of around $7 or $8 billion per quarter. Apple reported that the overall number of active Macs reached another all-time high.
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The problem is that the iPad is usually a seasonal product that does well in the holiday quarter, and this year’s holiday quarter was 25 percent lower. Ouch. On the other hand, Apple sold $7 billion worth of iPads, none of which were released in 2023.
Previously:
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Apple is steadily turning from a device-company to a services-company.
45.9% gross margin. Wow.
