Apple has reported latest quarterly revenue of $90.8 billion, down 4.21% from a year ago, due to negative year-over-year impact in foreign exchange. It posted a net profit of $23.6 billion, down 2.47% YoY and quarterly earnings per diluted share of $1.53, up 0.65% YoY for the financial year Q2 2024 that ended March 30, 2024.
During the earnings call, Apple CEO Tim Cook said that the company has achieved revenue records in more than a dozen countries and regions. These include, among others, March quarter records in Latin-America and the Middle East, as well as Canada, India, Spain and Turkey.
In the March quarter a year-ago, Apple was able to replenish iPhone channel inventory and fulfill significant pent-up demand from the December quarter COVID-related supply disruptions on the iPhone 14 Pro and 14 Pro Max. This reflected this year, so there is a 10% year-over-year decrease in iPhone revenue due to the $5 billion impact.
However, Apple said that it still saw growth on iPhone in some markets, including Mainland China.
- Products revenue was $66.9 billion, down 10% compared to last year, due to the challenging compare on iPhone, which was partially offset by strength from Mac.
- Services set an all-time revenue record of $23.9 billion, up 14% over a year ago, with record performance in both developed and emerging markets.
- iPhone revenue was $46 billion, down 10% YoY due to the almost $5 billion impact from a year ago. Adjusting for this one-time impact, iPhone revenue would be roughly flat to last year.
- iPad revenue was $5.6 billion, down 17% YoY due to a challenging compare against the launch of the M2 iPad Pro and iPad 10th Generation from last year.
- Mac revenue was $7.5 billion, up 4% YoY, driven by the latest M3-powered MacBook Air. Mac installed base reached an all-time high, with half of the MacBook Air buyers during the quarter being new to Mac.
- Wearables, Home and Accessories revenue was $7.9 billion, down 10% YoY due to difficult launch compare.
- Over $1 billion paid subscriptions across the services, more than double the number four years ago.
Regarding FY Q2 2024 earnings results, Apple CEO, Tim Cook, said,
Today, Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services. 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. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.