After a series of somewhat disappointing quarterly releases, Apple reported a 2% year-over-year increase in revenue in the first fiscal quarter of 2024, driven by $119.6 billion in revenue. dollars. And that’s with a week less than last year’s quarter, so a solid performance overall.
These gains were driven by strong iPhone sales, which saw a 6 percent increase, and services, which saw a 14 percent gain for record revenue of $23 billion. Apple increased the price of the Apple TV+ to $9.99 during the quarter, an increase of 40%. Mac sales also held up with an extremely small increase, but remained broadly stable after a massive decline last year.
Once again, iPad sales declined, falling 25% from last year. Apple hasn’t introduced a new iPad model in over a year, although a new M3 iPad Pro and larger iPad Air are expected to arrive in March.
Wearables, which include AirPods, Apple Watch and HomePod, were also down about 8%, but the category is expected to see a boost in the second quarter with the launch of Apple Vision Pro. Apple has reportedly sold some 200,000 next-generation headsets and is planning a massive launch, with early opening hours at the Apple Store and in-store demonstrations.
Tim Cook noted that Apple’s installed base of active devices has surpassed 2.2 billion, an all-time high. The company will hold an earnings conference call with investors at 5 p.m. ET. We will update this article with any relevant information.
