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.
Author: Michael Simon, Executive Editor
Michael Simon has been covering Apple since the iPod was the iWalk. His obsession with technology goes back to his first PC—the IBM Thinkpad with the lift-up keyboard for swapping out the drive. He's still waiting for that to come back in style tbh.