Apple has reported its Q1 financial results for the 2024 fiscal year, ending December 2023. Total revenue has increased by 2% compared to the same period last year, reaching $119.575 billion. The company has also achieved a net profit of $33.916 billion.
In a statement, CEO Tim Cook highlighted the growth in overall sales, driven by both iPhone sales and the Services business group, which has reached a new record high. Currently, there are over 2.2 million devices in active use, setting another milestone. Cook also mentioned the upcoming delivery of the Apple Vision Pro to customers, reaffirming the company’s dedication to innovation and delivering value to its customers.
In terms of product revenue for the past quarter, iPhone sales reached $69.702 billion, showing a 6% increase. Mac sales remained steady at $7.780 billion, while iPad revenue decreased by 25% to $7.023 billion. Wearable devices, home devices, and accessories saw a decline of 11%, generating $11.953 billion. On the other hand, Services revenue increased by 11%, reaching $23.117 billion.
Additional interesting highlights from the financial report include:
– Apple achieved its highest ever total revenue in the European region, excluding Japan and mainland China.
– The iPhone 15, across all its four models, has become the best-selling smartphone in many countries.
– Mac reached a new milestone with the highest number of devices in active use.
– The results for iPad were as expected, presenting unique challenges for Apple.
– Apple Vision Pro has received positive feedback and has been tested by various organizations such as Walmart, Nike, Bloomberg, and SAP.
– Apple continues to invest in developing new technologies, including AI, with significant time and capital allocation. More details on Apple’s internal projects will be revealed this year.
– Apple has cash reserves and equivalent items worth $173 billion.
– The iPhone 15 has outperformed its predecessor, iPhone 14, in terms of sales within the same timeframe, setting a new record for upgrade numbers.
– Sales in mainland China have declined, but the good news is that the iPhone remains the best-selling brand in the past quarter.
– The impact of the new App Store policy in the EU group of countries is that it now contributes 7% of the total global App Store revenue.
TLDR: Apple reported a 2% increase in Q1 revenue, reaching $119.575 billion, and a net profit of $33.916 billion. CEO Tim Cook highlighted strong sales in the iPhone and Services business. Notable achievements include record-breaking revenue in Europe, the success of the iPhone 15, and positive feedback on Apple Vision Pro. The company continues to invest in new technologies, and the EU now accounts for 7% of App Store revenue.
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