Summary
Apple Inc. reported robust financial results for the first quarter of fiscal year 2024, ending December 30, 2023. Total net sales increased by 2% year-over-year to $119.58 billion, driven primarily by a 6% rise in iPhone sales and an 11% surge in Services revenue. This growth was partially offset by declines in iPad and Wearables, Home and Accessories sales. The company demonstrated strong profitability, with net income rising to $33.92 billion, a significant increase from $29.99 billion in the prior year's comparable quarter. Diluted earnings per share also saw a healthy increase to $2.18 from $1.88. Apple continued its aggressive capital return program, repurchasing approximately $20.5 billion of its common stock and paying out $3.8 billion in dividends, highlighting its commitment to shareholder value. Despite some regional sales softness, particularly in Greater China (-13%), the overall performance indicates resilience and continued demand for Apple's core products and growing Services segment. The company maintains a strong liquidity position, with substantial cash and marketable securities, and expresses confidence in its ability to meet future financial obligations and capital return commitments.
Financial Highlights
50 data points| Revenue | $119.58B |
| Cost of Revenue | $64.72B |
| Gross Profit | $54.85B |
| R&D Expenses | $7.70B |
| SG&A Expenses | $6.79B |
| Operating Expenses | $14.48B |
| Operating Income | $40.37B |
| Net Income | $33.92B |
| EPS (Basic) | $2.19 |
| EPS (Diluted) | $2.18 |
| Shares Outstanding (Basic) | 15.51B |
| Shares Outstanding (Diluted) | 15.58B |
Key Highlights
- 1Total net sales for the quarter reached $119.58 billion, a 2% increase year-over-year.
- 2iPhone sales grew by 6% to $69.70 billion, driven by strong performance of Pro models.
- 3Services revenue demonstrated robust growth, up 11% to $23.12 billion, boosted by advertising, video, and cloud services.
- 4Net income increased significantly to $33.92 billion, up from $29.99 billion in the prior year's quarter.
- 5Diluted earnings per share (EPS) rose to $2.18 from $1.88 year-over-year.
- 6Apple repurchased approximately $20.5 billion of its common stock during the quarter, demonstrating a strong commitment to capital return.
- 7Sales in the Greater China region decreased by 13% to $20.82 billion, primarily due to lower sales of iPhone, iPad, and Wearables, Home and Accessories.