Apple on Thursday announced financial results for its fiscal 2024 second quarter ending March 30, with a quarterly revenue of 90.8 billion U.S. dollars, down 4 percent year over year, reported Xinhua.
The company posted its quarterly earnings per diluted share of 1.53 dollars, one cent higher year over year.
Its net income for the quarter decreased to 23.64 billion dollars from 24.16 billion dollars a year ago.
The company's service sales rose to 23.87 billion dollars from 20.91 billion dollars year on year.
Sales of iPhone decreased to 45.96 billion dollars from 51.33 billion dollars a year ago.
Its sales of Wearables, Home and Accessories products dropped slightly to 7.91 billion dollars from 8.76 billion dollars a year ago.
Apple's net sales in the Greater China region decreased to 16.37 billion dollars from 17.81 billion dollars a year ago, according to Apple's financial statement.
"Today Apple is reporting … an all-time revenue record in Services," said Tim Cook, Apple's CEO. "During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We're also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month."
"Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional 110 billion dollars for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row," said Luca Maestri, Apple's CFO.
Apple's board of directors has declared a cash dividend of 0.25 dollars per share of the company's common stock, an increase of 4 percent. The dividend is payable on May 16, 2024, to shareholders of record as of the close of business on May 13, 2024.
Source: www.dailyfinland.fi
It’s disappointing to see Apple’s Q2 revenue drop by 4%. Despite the increase in earnings per diluted share, the decrease in net income and iPhone sales is concerning. However, the rise in service sales is a positive indicator. Tim Cook’s optimism about future products and events is reassuring, but the company’s financial performance needs to improve.
Did the drop in revenue affect Apple’s overall profitability for this quarter?
Yes, the drop in revenue did impact Apple’s profitability for this quarter. While their overall revenue decreased by 4%, the net income for the quarter also decreased compared to the same period last year. It will be interesting to see how Apple navigates through this dip in sales and adjusts its strategies moving forward.
It’s concerning to see Apple’s revenue drop in Q2, but it’s good to hear that their service sales are on the rise. Tim Cook’s optimism about the future is reassuring, and the focus on innovation with products like Apple Vision Pro is promising. Looking forward to the upcoming announcements and developments!
It’s disappointing to see Apple’s revenue drop, but it’s interesting to note the increase in service sales. The decrease in iPhone sales is concerning, but I’m looking forward to the upcoming product announcement and WWDC. Overall, I believe in Apple’s future and the stock value.
Could you provide more insights on the impact of the revenue drop on Apple’s overall financial performance in Q2?
Sure, JenniferSmith01! The 4% revenue drop in Q2 does have an impact on Apple’s overall financial performance. Although the service sales rose and earnings per share increased slightly, the decrease in iPhone sales and net income reflects a challenging quarter for the company. The announcement of additional funds for share repurchases indicates Apple’s confidence in its future growth despite the temporary setback.