Apple quarterly revenue down 4% year-over-year, but Services and Mac revenues are up

Apple has announced its financial results for its fiscal 2024 second quarter that ended March 30, 2024. The company posted quarterly revenue of US$90.8 billion, down 4% year-over-year, and quarterly earnings per diluted share of $1.53.

Revenue by category was: iPhone, $45.96 billion (down from $51 billion a year ago); Services, $23.87 billion (up from $21 billion a year ago); Wearables, Home & Accessories, $7.91 billion (down from $8.8 billion a year ago); Mac, $7.45 billion (up from $7.1 billion a year ago); and iPad, $5.56 billion (down from $6.7 billion a year ago).

“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said CEO Tim Cook in a press release. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”

“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,” added Chief Financial Officer Luca Maestri. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”

Apple’s board of directors has declared a cash dividend of $0.25 per share of the company’s common stock, an increase of 4 percent. The dividend is payable on May 16 to shareholders of record as of the close of business on May 13. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock.