Apple Q2 2024 earnings: Analysts’ expectations exceeded but iPhone sales down
Apple on Thursday announced its second quarter 2024 earnings, posting revenue of $90.8 billion for the quarter, a 4 percent decline year over year, and quarterly earnings per diluted share of $1.53, which is one cent higher than last year. The company reported $23.6 billion in profit.
Apple beat the analysts’ predicted revenue of $90 billion and earnings per diluted share of $1.50.
iPhone sales, which usually buoy Apple’s results, took a hit this quarter, posting $46 billion in revenue, which is a 10 percent decrease from the second quarter of 2023. Wearables, Home, and Accessories revenue was also down 10 percent. iPad sales were also down 17 percent.
Apple’s Services set a record for the quarter and saw a jump in revenue YoY of 14 percent, while Mac sales increased about 4 percent.
“During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks,” said Apple CEO Tim Cook in a press release. “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.”
How the quarter ended YoY for Apple:
- iPhone: $46 billion (down from $51.3 billion)
- iPad: $5.6 billion (down from $6.7 billion)
- Mac: $7.5 billion (up from $7.2 billion)
- Wearables: $7.9 billion (down from $8.7 billion)
- Services: $23.9 billion (up from $20.9 billion)
Apple had revenue challenges in Greater China, Japan, and Asia Pacific, where revenue was down from those regions a total of 11 percent YoY.
Apple declared a cash dividend of $0.25 per share of common stock payable on May 16, 2024, to shareholders of record at the close of business on May 13, 2024. Apple also authorized an additional program to repurchase up to $110 billion of common stock.
Apple did not issue guidance for the third quarter of 2024, which ends this June. The company did say it expects double-digit growth in iPad and Services revenue, and low single-digit growth in total.
Apple is holding its “Let Loose” event on May 7 and is expected to reveal new iPad models and accessories. Learn how you can watch the “Let Loose” event.