May 3, 2024
Apple released its financial results for its fiscal second quarter, the period between January 1 and March 30, 2024. iPhone sales fell 10% year-over-year, while services reached their highest result highest ever recorded, with an increase of 14% over the year. same period last year.
Cupertino’s total revenue was $90.75 billion, down 4% from last year. Net profit was $23.63 billion, also down from the previous year.
According to the report, the decline in sales is coming from across Asia. Net sales declined in Greater China (PRC, Taiwan and Hong Kong), Japan and the rest of Asia-Pacific, while the Americas and Europe saw an insignificant change which can be rounded to 0 %.
Apple services include subscription services, warranties, search engine licensing agreements, and payments. The $23.9 billion result was better than analysts’ expectations, and the U.S. company said it expected another double-digit increase next quarter.
Apple’s board of directors has approved a new round of common stock repurchases of up to $110 billion – the largest repurchase program in the company’s history. The company also announced a cash dividend of 25 US cents per share, an increase of 4% from the prior period.
Source (pdf)
