Apple finance

Apple Earnings Report Q1 2024

Apple today announced earnings revenue of $119.6 billion. Investors and analysts weren’t expecting any records after Apple warned that revenue would be flat following the longest sales slump in the last couple decades but, it turns out, it was their second biggest revenue report ever.

From Apple Newsroom press release:

CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year.

“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.”

Tim Cook also hinted at some upcoming announcements in AI.

As we look ahead, we will continue to invest in these [Vision Pro] and other technologies that will shape the future. That includes artificial intelligence, where we continue to spend a tremendous amount of time and effort, and we’re excited to share the details of our ongoing work in that space later this year.

Apple has long been working on custom chips that specialize in machine learning but were caught somewhat flat-footed at the speed and popularity of large language models. Perhaps Siri will finally get the overhaul we’ve been waiting for since her introduction on the iPhone 4s in October of 2011. It will be interesting to see the reveal at WWDC this June.

As always, the pretty charts via SixColors.