After a somewhat disappointing string of quarterly releases, Apple reported a 2 percent year-over-year revenue gain in the first fiscal quarter of 2024 on the back of $119.6 billion in revenue. And that’s with one fewer week than last year’s quarter—so all around a strong performance.
The gains were due to strong iPhone sales, which posted a 6 percent increase, and Services, which posted a 14 percent gain for a record $23 billion in sales. Apple bumped the price of Apple TV+ to $9.99 during the quarter, a 40 percent increase. Mac sales also held their own with an extremely small increase but were mostly flat following a massive decline last year.
Once again, iPad sales were down, dropping 25 percent over last year. Apple hasn’t introduced a new iPad model in more than a year, though a new M3 iPad Pro and larger iPad Air are expected to arrive in March.
Wearables, which includes AirPods, Apple Watch, and HomePod, was also down about 8 percent, but the category should get a boost in quarter two with the launch of Apple Vision Pro. Apple has reportedly sold some 200,000 of the next-gen headsets and is planning a massive launch, with early Apple Store hours and in-store demos.
Tim Cook noted that Apple’s installed base of active devices has surpassed 2.2 billion, an all-time high. The company will hold an earnings call with investors at 5pm ET. We will update this article with any pertinent information.
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