Apple Reports 1Q 2024 Results: $33.9B Profit on $119.6B Revenue

[MacRumors]

Apple today announced financial results for the first fiscal quarter of 2024, which corresponds to the fourth calendar quarter of 2023.

For the quarter, Apple posted revenue of $119.6 billion and net quarterly profit of $33.9 billion, or $2.18 per diluted share, compared to revenue of $117.2 billion and net quarterly profit of $30.0 billion, or $1.88 per diluted share, in the year-ago quarter.

Gross margin for the quarter was 45.9 percent, compared to 43.0 percent in the year-ago quarter. Apple also declared a quarterly dividend payment of $0.24 per share, payable on February 15 to shareholders of record as of February 12.

"Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services," said Tim Cook, Apple's CEO. "We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers."

As has been the case for over three years now, Apple is once again not issuing guidance for the current quarter ending in March.

Apple will provide live streaming of its fiscal Q1 2024 financial results conference call at 2:00 pm Pacific, and MacRumors will update this story with coverage of the conference call highlights.

Conference call recap ahead...
Click here to read rest of article...

Article Link: Apple Reports 1Q 2024 Results: $33.9B Profit on $119.6B Revenue

 

[Mrkevinfinnerty]

Still haven't managed to turn around those iPod sales i see

 

[surfzen21]

My Meta stock is significantly out preforming my Apple stock

 

[vegetassj4]

So far, the street doesn't like this. hmmmmm. The call hasn't started yet.

edit: appears to be due to a decline in China sales.

 

[6787872]

i guess stealing from developers is good profit

 

[boss.king]

If my rough math is correct, ~10-15% of that is just Google paying to be the default search engine. Crazy.

EDIT: 10-15% of the 34B profit. It costs basically nothing to change a string, although I haven't accounted for taxes etc.

 

[^^BIGMac]

AAPL down over $4 after hours.

 

[bsbeamer]

"After rising over 1% in regular trading today and another 1% after hours in advance of the earnings release, Apple shares have given back all of those gains following the release."

And right now it's nearly back to even... instant overreaction and algo trading, as always.

 

[Analog Kid]

My Meta stock is significantly out preforming my Apple stock

Meta lost $4.6B in one quarter in their Quest unit...

 

[jz0309]

China sales (iPhone) is what Wall Street is looking for ...

 

[DelayedGratificationGene]

Awesome quarter. EPS up 17%

 

[scrapesleon]

How do u beat earnings when u never set no guidance last quarter

 

[MilaM]

Macs only 6.5 % of revenue. No wonder I'm feeling neglected as a long time Apple user.

 

[jvchappy]

So basically on track to do $120B in profit. That is NUTS

 

[Analog Kid]

"After rising over 1% in regular trading today and another 1% after hours in advance of the earnings release, Apple shares have given back all of those gains following the release."

And right now it's nearly back to even... instant overreaction and algo trading, as always.

Not sure where you see that. It looks like it's still down significantly on the day at the moment. No point really paying attention though unless you're a trying to profit from froth. It'll change again with the conference call, and then start somewhere completely unrelated in the morning after people have time to stop reacting and start thinking.

 

[jz0309]

How do u beat earnings when u never set no guidance last quarter

earning estimates by analysts

 

[Surf Monkey]

Macs only 6.5 % of revenue. No wonder I'm feeling neglected as a long time Apple user.

Yet the Macintosh division of Apple, if it were a stand alone company, would be a Fortune 500 based on revenue.

 

[Norskman]

They seem to be doing quite well!

 

[Analog Kid]

Macs only 6.5 % of revenue. No wonder I'm feeling neglected as a long time Apple user.

Doesn't a lack of revenue mean Apple feels neglected by long time Apple users?

If you're getting 7% of Apple's attention, you're being favored.

 

[Karma*Police]

So sales essentially flat, but margins up substantially… offering less innovation and product for the same price. I think we all knew that. The numbers just confirmed it.

And the no guidance thing… there’s no excuse for not providing one. COVID and its economic impact ended a long time ago.

 

[sunny5]

Mac Revenue Down 34% Year-Over-Year, But Tim Cook Expects 'Significant' Improvement With M3 Macs

Apple today shared its earnings results for the fourth fiscal quarter of 2023 (third calendar quarter), and Mac revenue saw a major drop compared to...

www.macrumors.com

So any news on Mac after M3 released?

 

[justanthonylee]

If my rough math is correct, ~10-15% of that is just Google paying to be the default search engine. Crazy.

Nope, it's 18B per year, this is only Q1 so it's closer to 5%. 4.2B of 119.6B.

 

[J.A.K.]

And yet still no Calculator widget.

 

[NEPOBABY]

i guess stealing from developers is good profit

I started a business in a very popular well maintained shopping mall but the mall owner wants to charge me rent?

Why is this?

I bought an apartment in a safe clean neighborhood but the local authorities want taxes to maintain the area?

Why is this?

Someone please explain to me like I'm 12 year old who has been exposed to the ideas of pirates, thieves and libertarians on 4chan.

 

[DotCom2]

China sales (iPhone) is what Wall Street is looking for ...

Yes, and it doesn't look too good. 🙁