After four consecutive quarters of revenue decline, Apple broke the trend and today announced its first period of revenue growth. In his First Quarter Fiscal 2024 Earnings Reportthe company reported quarterly revenue of $119.6 billion, an increase of 2% from the same period last year.
Additionally, Apple CEO Tim Cook said that “its installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments.” This quarter includes money from sales of the iPhone 15 range introduced in September 2023, which had a clear impact on performance.
“Today, Apple reported revenue growth for the December quarter, fueled by iPhone sales and record services revenue,” Cook said. He noted that the company achieved “unprecedented revenue records in advertising, cloud services, payment and video services as well as December quarter records in the App Store and Apple Care.” Cook recaps some updates to the Apple TV app, as well as TV+ content that's garnered nominations and awards.
Cook then reminded during the company's earnings call that tomorrow is launch day for the Vision Pro headset, calling it historic. After saying that Apple was committed to investing in new technologies, Cook added that the company would share more about its AI developments later this year.
Products in the wearables, home and accessories categories did not perform well in this quarter, although sales in the Mac department increased year over year. iPad sales in particular fell 25% compared to the same period last year, although Cook attributed this to a “tough comparison” with the high figures recorded in the first quarter of 2023 due to the new models featuring updated Apple silicon. Given that the company hasn't launched a new iPad model at all in 2023, this isn't surprising.
Cook went on to highlight developments such as Apple opening its 100th retail location in Asia Pacific and updates on its sustainability efforts. He concluded by saying “Apple is a company that has never shied away from big challenges”, adding “so we are optimistic about the future, confident in the long term and as excited as ever about 'offer to our users'. “.
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