Apple reported its second quarter 2024 results on Thursday, showing revenue of $90.8 billion for the quarter, a 4% year-over-year decline, and quarterly earnings per diluted share of $1.53, a cent more than last year. The company reported a profit of $23.6 billion.
Apple beat analysts’ forecasts for revenue of $90 billion and earnings per diluted share of $1.50.
iPhone sales, which typically support Apple’s bottom line, took a hit this quarter, posting revenue of $46 billion, a 10% decline from the second quarter of 2023. Device revenue laptops, home and accessories also declined by 10%. iPad sales also fell 17 percent.
Apple’s services set a record for the quarter and saw revenue increase 14 percent year-over-year, while Mac sales increased about 4 percent.
“During the quarter, we were excited to launch Apple Vision Pro and show the world the potential that spatial computing unlocks,” Apple CEO Tim Cook said in a press release. “We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we strive to provide the best products and services to our customers, while respecting the fundamental values that drive us.
How the quarter ended year-over-year for Apple:
- iPhone: $46 billion (up from $51.3 billion)
- iPad: $5.6 billion (up from $6.7 billion)
- Mac: $7.5 billion (up from $7.2 billion)
- Portable devices: $7.9 billion (up from $8.7 billion)
- Services: $23.9 billion (up from $20.9 billion)
Apple faced revenue issues in Greater China, Japan and Asia Pacific, where revenue declined 11% from the previous year.
Apple declared a cash dividend of $0.25 per common share, payable on May 16, 2024 to shareholders of record at the close of business on May 13, 2024. Apple also authorized an additional program to repurchase up to $110 billion in dollars of common stock.
Apple has not released guidance for the third quarter of 2024, which ends in June. The company said it expects double-digit growth in iPad and Services revenue, and low single-digit total growth.
Apple is holding its “Let Loose” event on May 7 and is expected to unveil new iPad models and accessories. Find out how to watch the “Let Loose” event.
