{"id":41987,"date":"2024-02-02T16:03:13","date_gmt":"2024-02-02T21:03:13","guid":{"rendered":"https:\/\/mjtsai.com\/blog\/?p=41987"},"modified":"2024-05-02T16:31:46","modified_gmt":"2024-05-02T20:31:46","slug":"apples-q1-2024-results","status":"publish","type":"post","link":"https:\/\/mjtsai.com\/blog\/2024\/02\/02\/apples-q1-2024-results\/","title":{"rendered":"Apple’s Q1 2024 Results"},"content":{"rendered":"

Apple<\/a> (transcript<\/a>, Hacker News<\/a>, MacRumors<\/a>):<\/p>\n

\n

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.<\/p>\n

“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.<\/p>\n<\/blockquote>\n\n

Jason Snell<\/a>:<\/p>\n

\n

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.<\/p>\n<\/blockquote>\n\n

Jason Snell<\/a>:<\/p>\n

\n

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.<\/p>\n

[…]<\/p>\n

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.<\/p>\n

[…]<\/p>\n

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.<\/p>\n

[…]<\/p>\n

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.<\/p>\n<\/blockquote>\n\n

Previously:<\/p>\n