Apple has reported latest quarterly revenue of $119.6 billion, up 2% from a year ago, despite having one less week in the quarter and COVID-related factory shutdowns that limited iPhone supply. It posted a net profit of $33.9 billion, up 13% YoY and quarterly earnings per diluted share of $2.18, up 16% YoY for the financial year Q1 2024 that ended December 31, 2023.
During the earnings call, Apple CEO Tim Cook said that the company has achieved revenue records across more than two dozen countries and regions, including all-time records in Europe and rest of Asia-Pacific.
Apple continues to see strong double-digit growth in many emerging markets with all-time records in Malaysia, Mexico, The Philippines, Poland, and Turkey, as well as December quarter records in India, Indonesia, Saudi Arabia, and Chile.
Apple CFO Luca Maestri said that Apple set all-time revenue records in Europe and rest of Asia-Pacific, and continue to see strong performance across emerging markets with double-digit growth in the majority of the emerging markets Apple tracks.
- Products revenue was $96.5 billion, flat compared to last year, driven by strength in iPhone, offset by challenging compares for iPad and Wearables, Home and Accessories and one less week of sales this year across the entire portfolio
- Services set an all-time revenue record of $23.1 billion, up 11% over a year ago. All-time revenue records in the Americas, Europe, and rest of Asia-Pacific. Double-digits growth in India and December quarter revenue record
- iPhone revenue was $69.7 billion, up 6% YoY. All-time records in several countries and regions, including Latin America, Western Europe, the Middle East, and Korea, as well as December quarter records in India and Indonesia.
- iPad revenue was $7 billion, down 25% YoY due to a difficult compare with the launch of the M2 iPad Pro and the 10th generation iPad during the December quarter last year and one less week of sales
- Mac revenue was $7.8 billion, up 1% YoY, driven by the latest M3-powered MacBook Pro models in spite of having one less week of sale
- Wearables, Home and Accessories revenue was $12 billion, down 11% YoY due to a difficult compare with the launch timing of several products in this category and the impact of the 14th week last year
- Installed base of devices set a new record across all products and all geographic segments, and is now over 2.2 billion active devices.
- Over 1 billion paid subscriptions across the services, more than double the number four years ago.
Regarding FY Q1 2024 earnings results, Apple CEO, Tim Cook, said,
Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services. 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. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.