NYReaders - Apple on Thursday announced solid financial results for its fiscal 2024 first quarter ended December 30, 2023, as shown in its revenues and net earnings.
The giant tech company has finally ended its losing streak.
In the quarter, the company posted quarterly revenue of US$119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year.
“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in services,” said Tim Cook, Apple’s CEO.
“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,” Cook said.
“And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are as committed as ever to the pursuit of ground-breaking innovation — in line with our values and on behalf of our customers,” he said.
The company’s installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments, Cook said.
Net iPhone sales grew from $65.7 billion one year ago to $69.7 billion in the last three months of 2023, he added.
Wall Street was expecting Apple to report earnings per share of $2.11 on revenue of $117.9 billion, according to estimates compiled by Bloomberg.
“Our December quarter top-line performance combined with margin expansion drove a record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO.
“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.”
Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on February 15, 2024, to shareholders of record as of the close of business on February 12, 2024.
The earnings report comes one day before the company launches its latest product, the Vision Pro headset, which the company hopes to make the next must-have piece of home electronics.
Over the past five years, Apple has spent an estimated $100 billion in research and development on the device, which will cost $3,499 in the US. (*)