Apple shared its earnings report for the first quarter of 2024, the quarter ending December 30, 2023, and showed revenues of $119.6 billion and profits of $33.9 billion. Revenue increased 2% while profits grew 13% year over year.
The iPhone remained Apple’s largest revenue contributor at $69.7 billion, while Apple services including Apple Music, TV+, iCloud and the App Store reached a new all-time high of $23.1 billion in revenue .
Wearables, home and accessories contributed $11.9 billion, Mac revenue remained solid at $7.8 billion, while iPad revenue fell to just $7 billion from $9. $4 billion a year ago, a decline of 25% year over year. Cupertino hasn’t announced any new iPads in 2023, which is the likely factor responsible for the big drop.
Apple Inc consolidated financial statement for the first quarter of 2024
The Americas were Apple’s strongest market with $50.4 billion in net sales, followed by Europe ($30.4 billion) and China ($20.8 billion). Apple was proud to announce that it now boasts a user base of 2.2 billion active devices worldwide. CEO Tim Cook mentioned Apple’s commitment to breakthrough innovation on the eve of the Apple Vision Pro launch in the United States.
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