Apple posted its financial results for its second fiscal quarter, which is the period between January 1 and March 30, 2024. Sales of iPhones dropped 10% on a yearly basis, while Services reached its highest result ever, with a 14% increase over the same period last year.

Cupertino’s total revenue was $90.75 billion, 4% down from last year. Net income was $23.63 billion, also down compared YoY.

Apple Store in Hong Kong Apple Store in Hong Kong

According to the report, the sales decline came from all across Asia. Net sales were down in Greater China (PRC, Taiwan & Hong Kong), Japan, and the Rest of Asia Pacific, while the Americas and Europe saw an insignificant change that can be rounded up to 0%.

Apple Services includes subscription services, warranties, licensing deals with search engines and payments. The $23.9 billion result was higher than analysts expected, and the US company said it expects another double-digit increase in the next quarter.

Apple iPhone sales see 10% drop in first three months of 2024

Apple’s board approved an additional round of repurchases of up to $110 billion of common stock – the biggest buyback program in the company’s history. The company also announced a cash dividend of 25 US cents per share, a 4% increase from the previous period.

Source (pdf)

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