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Apple posts Q2 earnings: Revenue comes in at $90.8 billion

Published May 2nd, 2024 4:33PM EDT
Image: Apple Inc.

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Apple today posted its Q2 earnings report and delivered $90.8 billion in revenue while earnings checked in at $1.53 per share. Analysts, meanwhile, were anticipating revenue of $90.3 billion and EPS to fall in the range of $1.50 per share. And as a point of comparison, Apple during the year-ago quarter posted revenue of $94.8 billion and earnings of $1.52 per share. It is worth noting that Apple’s EPS traditionally gets a little boost on account of the company’s ongoing stock buyback program.

What’s notable about this earnings report is that it’s the first to encompass revenue from Apple’s Vision Pro. Recall that the device launched in early February. Apple of course doesn’t provide us with unit sales across its product line, but some analysts anticipate that Apple is on track to sell upwards of 450,000 units through the end of the year. That number is certainly low compared to other Apple products, but given that the entry-level price of the Vision Pro is $3500, that’s still good for an additional $1.57 billion to Apple’s annual bottom line if the estimates are accurate.

As part of the earnings report, Apple also announced a massive $110 billion program for additional stock buybacks.

“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,” Apple CFO Luca Maestri said. “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.”

Apple announced a 4% increase to its quarterly dividend, bringing it up to $0.25 per share. The dividend will be paid out to all shareholders of record as of May 13, 2024.

Beyond the Vision Pro, let’s take a look at how each of Apple’s individual products did for the recent March quarter. With respect to the iPhone, revenue from Apple’s venerable smartphone came in at $45.9 billion, compared to $51.3 billion during the same quarter last year. Analysts were anticipating a nearly 10% drop off in iPhone sales down to $46.3 billion, largely due to lower than expected demand in China.

Services revenue came in at $23.8 billion compared to $20.9 billion last year. Services revenue now accounts for about 26% of Apple’s quarterly revenue.

Meanwhile, Mac and iPad revenue came in at $7.4 and $5.5 billion, compared to $7.1 and $7.6 billion last year. And lastly, revenue from Apple’s wearables division (which includes the Apple Watch and AirPods) came in at $7.9 billion compared to $8.75 billion during the same quarter a year ago.

Shares of Apple are currently up nearly 13 points in after-hours trading.


Yoni Heisler Contributing Writer

Yoni Heisler has been writing about Apple and the tech industry at large with over 15 years of experience. A life long expert Mac user and Apple expert, his writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and TUAW.

When not analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions.