Apple has just reported its earnings for the fiscal first quarter of 2024 and as usual, we will take a look at the company’s biggest business segment first, the iPhone. Revenue for the iPhone amounted to $69.70 billion for the quarter, a 6% increase from the $65.78 billion in gross generated by the iPhone during the same quarter last year. The figure topped Wall Street estimates of $67.82 billion.
The Vision Pro won’t be included in Apple’s financials until the next quarter
Sales in the Americas rose 2.3% to $50.43 billion, increased 9.8% to $30.40 billion in Europe, climbed 15% in Japan to $7.77 billion, and added 6.6% to $10.16 billion in the rest of the Asian Pacific market. The only geographic area where sales declined was in China where revenue dropped 12.9% to $20.82 billion.
Overall, Apple’s revenue rose 2.1% year-over-year to $119.58 billion, the first revenue increase in a year. Wall Street was looking for $117.91 billion. Net income rose 13.1% to $33.92 billion, and diluted earnings per share came in 16% higher than last year at $2.18. That beat the $2.10 that Wall Street analysts were expecting.
During regular trading hours on Thursday, Apple’s shares rose $2.46 or 1.33% to $186.86. But after the report was released, the stock dropped in after-hours trading by $2.86 or 1.53% to $184.
