Apple presented the financial results of second quarter of fiscal year 2024, closed on March 30th: despite a 4% drop in turnover compared to the previous year, the Cupertino company recorded a record revenue in the services sector and a new all-time high in the active installed device base. Furthermore, he announced a $110 billion buyback.
Apple: revenue decline in second quarter 2024, $110 billion buyback
Apple's quarterly revenue stood at 90.8 billion dollars, down 4% on an annual basis. However, diluted earnings per share of $1.53 marked a new record for the March quarter. Tim Cook, Apple's CEO, highlighted the enthusiasm for the launch of Apple Vision Pro and “the potential unlocked by spatial computing.” Additionally, the outlook for upcoming product announcements and the World Developers Conference (WWDC) is promising, according to Cook.
Luca MastersApple's CFO, highlighted the “very high levels of customer satisfaction and loyalty”, which have led to a new all-time high in “ active base of installed devices across all products and geographic segments“. The company's performance pushed Earnings Per Share (EPS) to a new record for the quarter.
Apple's board of directors declared a cash dividend of $0.25 per share, up 4%, and authorized an additional share repurchase program for 110 billion dollars.
Despite the drop in revenue, Apple is increasingly focusing on services, which have recorded record revenues. A sign that the company is increasingly trying to diversify — even if iPhone sales remain the beating heart of the Cupertino company. You can learn more by following the audio streaming conference at this address.
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