Q2 2024 — Apples Q2 2024 earnings reveal a drop in iPhone, iPad sales Services growth looked rosy as Apple’s hardware revenue in China slowed.
Samuel Axon – May 2, 2024 10:32 pm UTC Enlarge / The Apple Park campus in Cupertino, California.Anadolu Agency | Getty reader comments 90
Apple’s earnings report for the second quarter of the company’s 2024 fiscal year showed a slide in hardware sales, especially for the iPhone. Nonetheless, Apple beat analysts’ estimates for the quarter thanks to the company’s rapidly growing services revenue.
iPhone revenue dropped from $51.33 billion in the same quarter last year to $45.96 billion, a fall of about 10 percent. This was the second consecutive quarter with declining iPhone revenues. That said, investors feared a sharp drop before the earnings call.
Notably, Apple’s revenue in the region it dubs Greater China (which includes China, Taiwan, Singapore, and Hong Kong) fell 8 percent overall. The company fared a little better in other regions. China’s economy is slowing even as China-based Huawei is taking bigger slices of the pie in the region.
Further ReadingReport: Redesigned M3 iPad Pros, large-screened iPad Air now expected in MayGlobally, Mac revenue was $7.5 billion compared to last year’s $7.12 billion. Other productswhich includes the Watch, AirPods, Apple TV 4K, HomePod and the new Vision Pro headsetwas down to $7.9 billion from last year’s $8.76 billion, despite the fact this quarter included the launch of the Vision Pro.
iPad revenue was also down, at $5.6 billion from $6.67 billion. Apple is expected to launch new iPads next week, which suggests that those updates are needed to achieve the company’s business goals.
The rosiest revenue category was services, which includes everything from Apple Music to iCloud. Its revenue was $23.9 billion, up from Q2 2023’s $20.91 billion.
The company also announced authorization of $110 billion for share purchases. reader comments 90 Samuel Axon Samuel is a senior editor at Ars Technica. He primarily covers software development, gaming, Apple, consumer technology, and mixed reality. He has been writing about gaming and technology for 15 years, and is a Chicago-based game developer. Advertisement Channel Ars Technica ← Previous story Next story → Related Stories Today on Ars
