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Apple's $119B Q1 2024 revenue a bounce back from 2023 dip

Apple CEO Tim Cook

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Apple reported revenue of $119.58 billion in its first-quarter results for the 2024 fiscal year, with earnings rebounding from the year-ago quarter.

The first quarter of the 2024 fiscal calendar, and one typically assisted by holiday sales, Apple issued its financial results on Thursday, ahead of the usual conference call that CEO Tim Cook and CFO Luca Maestri has with industry analysts.

For the first quarter, Apple achieved $119.58 billion in revenue, up from the $117.15 billion reported for Q1 2023. The earnings per share of $2.18 is up from the $1.88 from the year-ago quarter.

Apple quarterly revenue and net profit as of Q1 2024
Apple quarterly revenue and net profit as of Q1 2024

The quarter benefited from the release at the end of the previous quarter of the iPhone 15 lineup, the Apple Watch Series 9, Apple Watch Ultra 2, and updated AirPods Pro 2. During the quarter, Apple brought out M3 Macs, including the 24-inch iMac, 14-inch MacBook Pro, and 16-inch MacBook Pro.

Broken down into segments, Apple's iPhone revenue of $69.7 billion is up from the $65.78 billion of the year-ago period.

Mac revenue is up at $7.78 billion compared to Q1 2023's $7.74 billion. Revenue from iPad sales fell from $9.4 billion one year prior to $7.023 billion this quarter.

A Sankey Chart for Apple's Q1 2024 financial results
A Sankey Chart for Apple's Q1 2024 financial results

Wearables, Home, and Accessories managed $11.95 billion, down year-on-year from $13.48 billion. Services, a typically reliable growth arm for the company, saw its finances go from $20.77 billion in Q1 2023 to $23.117 in the latest results.

Apple's board of directors has issued a cash dividend of $0.24 per share of common stock, payable on February 15 to shareholders of record as of the close of business on February 13.

"Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services," said CEO Tim Cook. "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."

On the latest launch, Cook comments "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."

"Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year," said CFO Luca Maestri. "During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans."

Additional information about Apple's quarter will be revealed during the analyst call.

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