After experiencing four consecutive quarters of declining revenue, Apple has successfully broken the trend, reporting its first period of revenue growth in the first quarter of the 2024 financial year. The company revealed a quarterly revenue of $119.6 billion, marking a 2 percent increase compared to the corresponding period last year.
Apple’s CEO, Tim Cook, highlighted that the “installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments.” The positive financial results were influenced by the sales of the iPhone 15 line, introduced in September 2023, contributing significantly to the overall performance.
Cook emphasized the company’s achievement in revenue growth, particularly in iPhone sales, setting all-time records in Services. He mentioned milestones in advertising, Cloud services, payment services, and video, as well as December quarter records in the App Store and Apple Care. Cook also provided updates on the Apple TV app, with TV+ content receiving nominations and awards.
During the earnings call, Cook highlighted the historic launch day for the Vision Pro headset and reiterated Apple’s commitment to investing in new technologies. He teased that the company would share more about its developments in AI later in the year.
While wearables, home, and accessories categories faced challenges, Mac sales showed a year-over-year increase. However, iPad sales experienced a 25 percent drop compared to the same period last year, attributed to a “difficult compare” with the substantial numbers recorded in the first quarter of 2023 due to new models with refreshed Apple Silicon. Cook explained that the absence of a new iPad model release in 2023 contributed to this decline.
Cook concluded by highlighting Apple’s global achievements, such as opening its 100th retail location in the Asia Pacific region and providing updates on sustainability efforts. Expressing optimism about the future, Cook affirmed Apple’s confidence in the long term and excitement to continue delivering for its users.
