Apple reports revenue dip in Q2 2024, services hit all-time high despite lower iPhone sales
Even amidst a revenue drop, the brand witnessed a double digit growth in the India market, Apple’s CEO Tim Cook said in the company’s earning call.
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Apple announced its financial results for its fiscal 2024 second quarter ended March 30, 2024. The company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.
“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 authorised an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row,” Maestri added.
Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of four percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024.
The board of directors has also authorised an additional program to repurchase up to $110 billion of the Company’s common stock.
“We did grow strong by double-digit in India, and so we were very, very pleased with that. It was a new March quarter revenue record for us,” said Cook about the company’s performance in India.
