Apple reports Q2 2024 Results: services revenue up, overall revenue down slightly
Apple reported quarterly revenue of $90.8 billion, representing a 4% decrease compared to the same period in the previous year.
Apple today released its financial results for the second quarter of its fiscal year 2024, which ended March 30, 2024. Here's a breakdown of the key takeaways:
Overall Revenue: Apple reported quarterly revenue of $90.8 billion, representing a 4% decrease compared to the same period in the previous year.
Earnings Per Share (EPS): Despite the revenue decline, Apple's EPS reached a record high for the March quarter at $1.53 per diluted share.
Highlights
Services Revenue: Despite the overall revenue decline, Apple's Services segment, which includes subscriptions like Apple Music, iCloud storage, and App Store fees, achieved a new all-time high in revenue. This indicates continued growth in digital services adoption by Apple users.
Active Installed Base: According to Apple, the company's active installed base of devices across all product categories and geographic regions reached a record high. This suggests a strong customer base and continued brand loyalty.
Product Launches and Events: Tim Cook, Apple's CEO, hinted at an upcoming product announcement in the following week and an "incredible" Worldwide Developers Conference scheduled for the following month.
Financial Strategy
Share Repurchases: Demonstrating confidence in the company's future, Apple's board authorized an additional $110 billion for share repurchases, a program that involves buying back company stock.
Dividend Increase: Apple announced a 4% increase in its quarterly dividend payout to shareholders, marking the twelfth consecutive year of dividend growth for the company.
A slight decrease in overall revenue, despite record services revenue and EPS, suggests Apple might be experiencing a slowdown in product sales compared to the previous year. However, the company's strong installed base, continued services growth, and commitment to shareholder value through share repurchases and dividend increases paint a positive picture of Apple's overall financial health.
PPC Land is an international news publication headquartered in Frankfurt, Germany. PPC Land delivers daily articles brimming with the latest news for marketing professionals of all experience levels.
Subscribe to our newsletter for just $10/year and get marketing news delivered straight to your inbox. By subscribing, you are supporting PPC Land.
You can also follow PPC Land on LinkedIn, Bluesky, Reddit, Mastodon, X, Facebook, Threads, and Google News.
Know more about us or contact us via info@ppc.land
Our latest marketing news:
- Amazon launches Target Promotion for Sponsored Products advertisers
- Amazon Prime Video secures landmark NBA and WNBA broadcasting rights deal
- FTC Warns: Hashed data not anonymous, companies risk deceptive practice claims
- Taboola unveils AI-powered solution to boost publisher traffic amid digital shifts
- Meta tackles Nigerian financial Sextortion Scams in massive account purge
- FTC launches probe into surveillance pricing practices of eight companies
- Location-based advertising: revolutionizing digital marketing strategies
- Reddit's exclusive Search Deal with Google raises concerns over AI Data
- Netflix surges in Nielsen rankings, streaming dominates TV consumption
- Kargo and TikTok partner to enhance offline sales insights for advertisers