Apple‘s fiscal Q2 numbers beat Wall Street estimates on the top and bottom line in a market that was waiting for them with some trepidation — mainly news of iPhone sales in China. The dip there was less than anticipated. The stock is up more that 4% in after-hours trading.
Apple shares had huge 2023 but the stock has been nearly along among the so-called Magnificent seven tech stock to lose ground so far in 2024.
Services revenue, which houses Apple TV +, music, games and a host of others platforms, was a standout with sales up $3 billion to $23.9 billion. Execs may give some details on a call starting at 5 pm ET.
The company announced a massive share buyback program and a dividend boost.
Apple posted $90.75 billion in revenue for the three months ended in March. Net income eased slightly to $23.6 billion (from $24.2 billion). EPS was flat at $1.53.
Iphone sales of $45.96 million fell from $51 billion. Sales in Greater China, where Apple has been facing heightened competition, were $16.3 billion from $17.8 billion. Sales rose Europe.
“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “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,” said Luca Maestri, Apple’s CFO. “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.”
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