Apple today announced its fiscal first quarter 2024 (fourth calendar quarter) revenue results. The Company posted quarterly revenue of $119.6 billion, up 2% year-over-year, and quarterly earnings per diluted share of $2.18, up 16% year-over-year.
Apple posted revenue of $119.6 billion and net quarterly profit of $33.9 billion, or $2.18 per diluted share, compared to revenue of $117.2 billion and net quarterly profit of $30.0 billion, or $1.88 per diluted share, in the year-ago quarter.
The gross margin for the quarter was 45.9%, compared to 43.0% in the year-ago quarter. Apple also declared a quarterly dividend payment of $0.24 per share, payable on February 15 to shareholders of record as of February 12.
“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.”
“Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans.”
Jesse Cohen, senior analyst at Investing.com, commented on Apple’s quarter:
“Apple reported a solid quarter, highlighting the durability of the company’s brand as the iPhone giant continues to grow its customer base. Solid demand growth for its lineup of high-end iPhones helped offset incremental weakness in other areas of the business.
“Despite the strong quarter, investors were left wanting more from Apple, which is held to a higher standard than any other tech company.
“Apple’s worrying China sales figures indicate demand for its high-end iPhones is slowing more than expected in the face of rising competition from local companies, including Huawei.
“The big question is if this is just a blip, or signs of a bigger shift among consumers as rising interest rates and a weaker economic backdrop discourage consumers from making pricey purchases.”
As they’ve done for more than three years, Apple is once again not issuing any guidance for the current quarter, which ends in March.
