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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchApple’s results released May 2, 2024 showed a weaker hardware quarter, not a collapse. For the three months ended March 30, Apple’s fiscal Q2 2024—the period that broadly matches calendar first-quarter 2024—generated $90.753 billion in revenue, down about 4% year over year. Net income fell about 2% to $23.636 billion, while diluted earnings per share edged up to $1.53. The main drag was iPhone revenue, which dropped approximately 10.5%; Services and Mac growth partly cushioned the decline.
Apple calls this period Q2 because its fiscal Q1 was the December quarter, which ended December 30, 2023 and produced $119.6 billion in revenue. (Apple’s fiscal-calendar results.)
The key numbers from Apple’s March quarter
Apple’s consolidated financial statements provide the exact comparisons below. Revenue and net income are total company figures; category figures are net sales.
| Metric | March quarter 2024 | March quarter 2023 | Year-over-year change |
|---|---|---|---|
| Total revenue | $90.753 billion | $94.836 billion | Down about 4% |
| Net income | $23.636 billion | $24.160 billion | Down about 2% |
| Diluted EPS | $1.53 | $1.52 | Slightly higher |
| iPhone | $45.963 billion | $51.334 billion | Down about 10.5% |
| Services | $23.867 billion | $20.907 billion | Up about 14% |
| Mac | $7.451 billion | $5.513 billion | Up about 35% |
| iPad | $5.559 billion | $6.399 billion | Down about 13% |
| Wearables, Home and Accessories | $7.913 billion | $8.757 billion | Down about 10% |
The figures come from Apple’s fiscal Q2 2024 consolidated financial statements. Apple remained highly profitable; the issue was deterioration from the same quarter a year earlier.
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iPhone was the largest source of pressure
iPhone revenue fell by about $5.37 billion year over year, the largest decline among Apple’s reported categories. At $45.963 billion, iPhone still represented roughly half of quarterly revenue, so a change in this category has an outsized effect on the company total.
These are revenue figures, not a disclosed count of phones sold. Apple’s release does not establish quarterly iPhone unit shipments, so a revenue decline should not be presented as a precise unit-sales decline without separate market-research data.
Services and Mac offset part of the decline
Services reached a record
Services revenue rose approximately 14% to a company-record $23.867 billion. Apple’s Services businesses include areas such as the App Store, advertising, cloud services, subscriptions and payment-related offerings, although the quarterly release does not provide a full contribution breakdown.
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Services growth gives Apple revenue that is less directly tied to a single hardware replacement cycle and benefits from its installed base. Apple said its active installed base reached an all-time high across products and geographic segments.
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Mac revenue increased from $5.513 billion to $7.451 billion. The statements establish the increase, but they do not prove that any one product launch or cycle timing caused it.
iPad and accessories weakened too
iPad revenue declined about 13% to $5.559 billion. Wearables, Home and Accessories revenue fell about 10% to $7.913 billion. Product-launch timing provides context—Apple was between major iPad launches during the period—but the financial statements alone do not assign a specific cause to either decline.
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China was a pressure point, not a complete explanation
Apple reported March-quarter sales by region as follows:
| Region | Revenue |
|---|---|
| Americas | $37.27 billion |
| Europe | $23.93 billion |
| Greater China | $16.37 billion |
| Japan | $6.26 billion |
| Rest of Asia Pacific | $6.93 billion |
Greater China revenue decreased from approximately $17.81 billion to $16.37 billion, a decline of about 8%. That makes the region an important pressure point, but Apple’s release does not show that China was the sole cause of the company-wide decline. Claims about Huawei competition, market share or a specific Chinese iPhone unit decline require separately attributed third-party evidence.
How EPS rose while net income fell
Total net income decreased from approximately $24.160 billion to $23.636 billion, yet diluted EPS rose from $1.52 to $1.53. EPS divides earnings by diluted shares, so it can increase when the share count falls, even if total profit is flat or lower. Margins, operating expenses, taxes and product mix also affect the result.
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Apple described $1.53 as a March-quarter EPS record. That per-share record is not evidence that total net income increased.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the $110 billion buyback means
Apple authorized an additional $110 billion for share repurchases and raised its quarterly dividend 4% to $0.25 per share. The dividend was payable May 16, 2024, to shareholders of record May 13, 2024, according to Apple’s announcement.
An authorization is permission to repurchase shares; it is not the same as $110 billion already spent during this quarter. The announcement signals a substantial capital-return commitment, but its existence alone does not prove that it caused the March-quarter EPS result or that Apple’s operations had recovered.
Best Value
- 6.7inch Super Retina XDR display. ProMotion technology. Always-On display. Titanium with textured matte glass back. Action button
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- Up to 29 hours video playback. USB-C, Supports USB 3 for up to 20x faster transfers. Face ID
What investors should watch after this quarter
- iPhone demand: whether iPhone revenue stabilizes after the roughly 10.5% March-quarter decline.
- Services growth: whether the record $23.867 billion continues to offset hardware volatility.
- Greater China: whether the region’s approximately 8% revenue decline persists or improves.
- New product timing: whether forthcoming launches improve iPad and other hardware categories.
- Capital returns: how Apple converts the repurchase authorization and dividend policy into actual cash returned to shareholders.
Apple’s release highlighted the Vision Pro launch, upcoming product announcements and the all-time-high active-device installed base. Those points support the company’s longer-term ecosystem strategy, but they do not erase the quarter’s immediate iPhone weakness.
The Bottom Line
Apple’s fiscal Q2 2024 was a softer March quarter: revenue fell 4%, net income fell about 2%, and iPhone revenue dropped roughly 10.5%. Record Services revenue, stronger Mac sales and a slightly higher EPS limited the damage. The $110 billion buyback authorization and higher dividend strengthen shareholder returns, while iPhone demand and China remain the central operating questions.
Quick Recap
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