Apple beats the Street on top and bottom lines

Apple today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The company posted quarterly revenue of $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, in a statement. “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. And 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 Luca Maestri, Apple’s CFO, in a statement. “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.
Based on the company’s fiscal calendar, the Company’s fiscal 2024 first quarter had 13 weeks, while the company’s fiscal 2023 first quarter had 14 weeks.
Apple will provide live streaming of its Q1 2024 financial results conference call beginning at 2:00 p.m. PT on February 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple’s Q124 results breakdown:
• Revenue: $119.575 billion
• EPS: $2.18
• iPhone revenue: $69.702 billion
• Services revenue: $23.117 billion
• Wearables, Home and Accessories revenue: $11.953 billion
• Mac revenue: $7.780 billion
• iPad revenue: $7.023 billion
Here’s what Wall Street expected, as per LSEG consensus estimates (top line) and StreetAccount consensus estimates (product lines), prior to Apple’s release:
• Revenue: $117.91 billion
• EPS: $2.10
• iPhone revenue: $67.96 billion
• Services revenue: $23.31 billion
• Wearables, Home and Accessories revenue: $11.39 billion
• Mac revenue: $7.80 billion
• iPad revenue: $7.31 billion
MacDailyNews Take:

One red flag (get it?) is China:
Q124 net sales by reportable segment:
• Americas: $50.430 billion vs. 49.278 billion YoY
• Europe: $30.397 billlion vs. $27.681 billion YoY
• Greater China: $20.819 billion vs. $23.905 billion YoY
• Rest of Asia Pacific: $10.162 billion vs. $9.535 billion YoY
• Japan: $7.767 billion vs. $6.755 billion YoY
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