Apple today announced its financial results for the second fiscal quarter of 2024, covering the first three months of the calendar year. Despite a drop in iPhone sales, Apple posted quarterly revenue of $90.8 billion and net profit of $23.6 billion, buoyed by an all-time record for services.
For Q2 2024, Apple reported revenue of $90.8 billion and net quarterly profit of $23.6 billion, or $1.53 per diluted share. This compares to revenue of $94.8 billion and net profit of $24.1 billion, or $1.52 per share in the year-ago quarter.
While overall revenue slipped around 4% year-over-year, gross margins improved to 46.6% compared to 44.3% in Q2 2023. The services segment was a major bright spot, setting an all-time high of $23.9 billion in revenue. However, iPhone revenue declined by over $5 billion versus last year.
“We’re thrilled to launch Apple Vision Pro and show the potential of spatial computing,” said Tim Cook, Apple’s CEO. He also teased “an exciting product announcement next week” and WWDC in June.
To reward investors, Apple’s board authorized a massive $110 billion increase in its share buyback program. It also approved a 4% dividend increase to $0.25 per share payable on May 16.
Despite the mixed results, Apple opted to continue its long-standing policy of not issuing guidance for the current quarter ending in June.
