Apple revealed its financial results for the second quarter of fiscal 2024, which concluded on March 30, 2024. The iPhone maker reported a decrease in quarterly revenue to $90.8 billion, a 4% drop from the previous year, alongside earnings per diluted share of $1.53.
“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Apple CEO Tim Cook in a statement.
“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple CFO.
Apple said its board has approved an additional $110 billion for share repurchases and the increase of the quarterly dividend for the 12th consecutive year.
Cook told CNBC’s Steve Kovach, “If you remove that $5 billion from last year’s results, we would have grown this quarter on a year-over-year basis,” Cook said. “And so that’s how we look at it internally from how the company is performing.”
As for the launch of Apple Vision Pro during Q2? “We’re only scratching the surface there so we couldn’t be more excited about our opportunity there,” Cook said to CNBC.
Apple has “big plans to announce” from an “AI point of view” at its upcoming iPad event next week and at WWDC in June, teased Cook.
“I feel good about China, I think more about long term than to the next week or so,” said Cook, noting iPhone sales grew in the nation during Q2.
The board of directors declared a cash dividend of $0.25 per share, payable on May 16, 2024, to shareholders recorded as of May 13, 2024, which is a 4% increase from the prior dividend.
Update May 2, 2024, 3:47pm PDT: According to 9to5Mac, CNBC’s interview with Tim Cook was taken out of context when it came to the AI part. So dampen your expectations about AI at the event.
Here is the full quote from Cook: “Looking ahead, we’re getting ready for an exciting product announcement next week that we think our customers will love. And next month, we have our Worldwide Developers Conference, which has generated enormous enthusiasm from our developers. We can’t wait to reveal what we have in store. ”
There was a pause inserted to explain what happened, according to 9to5Mac, which we assume, was contacted by Apple to get the full quote:
“And we’re getting into a period of time here where we’re extremely excited like I’m in the edge of my seat literally because next week, we’ve got a product event that we’re excited about. And then just a few weeks thereafter, we’ve got the developers Worldwide Developers Conference coming up and we’ve got some big plans to announce in in both of these events. [pause] From an AI point of view…”
