Apple(R) today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.
“Today Apple is reporting revenue of $90.8 billion for the March quarter, including 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. 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.”
“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”
Apple’s board of directors has declared a cash dividend of $0.25 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. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock.
Apple will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plans for return of capital, the payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
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Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In
millions, except number of shares, which are reflected in thousands, and
per-share amounts)
Three Months Ended Six Months Ended
------------------------ ---------------------------
March 30, April 1, March 30, April 1,
2024 2023 2024 2023
----------- ----------- ----------- --------------
Net sales:
Products $ 66,886 $ 73,929 $ 163,344 $ 170,317
Services 23,867 20,907 46,984 41,673
---------- ---------- ---------- ----------
Total net sales
(1) 90,753 94,836 210,328 211,990
Cost of sales:
Products 42,424 46,795 100,864 107,560
Services 6,058 6,065 12,338 12,122
---------- ---------- ---------- ----------
Total cost of
sales 48,482 52,860 113,202 119,682
---------- ---------- ---------- ----------
Gross margin 42,271 41,976 97,126 92,308
---------- ---------- ---------- ----------
Operating expenses:
Research and
development 7,903 7,457 15,599 15,166
Selling,
general and
administrative 6,468 6,201 13,254 12,808
---------- ---------- ---------- ----------
Total
operating
expenses 14,371 13,658 28,853 27,974
---------- ---------- ---------- ----------
Operating income 27,900 28,318 68,273 64,334
Other
income/(expense),
net 158 64 108 (329)
---------- ---------- ---------- ----------
Income before
provision for income
taxes 28,058 28,382 68,381 64,005
Provision for income
taxes 4,422 4,222 10,829 9,847
---------- ---------- ---------- ----------
Net income $ 23,636 $ 24,160 $ 57,552 $ 54,158
========== ========== ========== ==========
Earnings per share:
Basic $ 1.53 $ 1.53 $ 3.72 $ 3.42
Diluted $ 1.53 $ 1.52 $ 3.71 $ 3.41
Shares used in
computing earnings
per share:
Basic 15,405,856 15,787,154 15,457,810 15,839,939
Diluted 15,464,709 15,847,050 15,520,675 15,901,384
(1) Net sales by
reportable segment:
Americas $ 37,273 $ 37,784 $ 87,703 $ 87,062
Europe 24,123 23,945 54,520 51,626
Greater China 16,372 17,812 37,191 41,717
Japan 6,262 7,176 14,029 13,931
Rest of Asia
Pacific 6,723 8,119 16,885 17,654
---------- ---------- ---------- ----------
Total net
sales $ 90,753 $ 94,836 $ 210,328 $ 211,990
========== ========== ========== ==========
(1) Net sales by
category:
iPhone $ 45,963 $ 51,334 $ 115,665 $ 117,109
Mac 7,451 7,168 15,231 14,903
iPad 5,559 6,670 12,582 16,066
Wearables, Home
and
Accessories 7,913 8,757 19,866 22,239
Services 23,867 20,907 46,984 41,673
---------- ---------- ---------- ----------
Total net
sales $ 90,753 $ 94,836 $ 210,328 $ 211,990
========== ========== ========== ==========
Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions,
except number of shares, which are reflected in thousands, and par value)
March 30, September 30,
2024 2023
------------ ------------------
ASSETS:
Current assets:
Cash and cash equivalents $ 32,695 $ 29,965