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Apple reported $90.8 billion in revenue and $23.6 billion in net income for its fiscal second quarter, the three months ended March 30, 2024. Revenue fell 4% year over year, while net income declined from $24.160 billion to $23.636 billion. Services revenue reached a record $23.867 billion, but lower iPhone and other product sales weighed on the total.
Apple’s fiscal Q2 2024 results at a glance
Apple announced its March-quarter results on May 2, 2024. The quarter ended March 30 and is Apple’s fiscal second quarter, not a calendar-quarter label. Apple’s fiscal year ends on the last Saturday in September.
| Measure | Q2 2024 | Q2 2023 |
|---|---|---|
| Net sales | $90.753 billion (reported as $90.8 billion in the release) | $94.836 billion |
| Net income | $23.636 billion | $24.160 billion |
| Diluted earnings per share | $1.53 | $1.52 |
| Operating income | $27.900 billion | $28.318 billion |
| Total gross margin | 46.6% | 44.3% |
The exact net-sales, income and operating-income figures come from Apple’s unaudited quarterly statements; the company’s release rounded revenue to $90.8 billion and described the year-over-year revenue change as a 4% decline. Net income was about 2% lower than the year-earlier quarter, while diluted EPS edged up one cent.
What drove revenue: Services grew as iPhone sales fell
Services was the standout growth category, reaching an all-time revenue record for Apple. The company’s filing says higher advertising, App Store and cloud-services sales primarily drove the increase. iPhone remained the largest reported category, but it declined; Mac was the only other listed category to grow.
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| Apple net-sales category | Q2 2024 revenue | Year-over-year change |
|---|---|---|
| iPhone | $45.963 billion | Down 10% |
| Mac | $7.451 billion | Up 4% |
| iPad | $5.559 billion | Down 17% |
| Wearables, Home and Accessories | $7.913 billion | Down 10% |
| Services | $23.867 billion | Up 14% |
These are revenue figures, not device shipments or unit sales. The category mix explains how record Services revenue could coincide with an overall decline: Services gained 14%, but iPhone, iPad, and Wearables, Home and Accessories all fell, and iPhone is by far the largest listed category.
Margins improved overall, with Services leading
Apple’s total gross margin rose to 46.6% from 44.3% a year earlier. Services gross margin increased to 74.6% from 71.0%, while Products gross margin was 36.6%, compared with 36.7% in the prior-year quarter.
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In its filing, Apple attributed Services margin improvement primarily to a different Services mix. It said product gross margin decreased primarily because of lower product volume and foreign-currency weakness against the U.S. dollar. The higher total margin therefore reflects the combined business mix and category margins, not an increase in every category’s margin.
Regional sales were mixed
Apple reported net sales of $37.273 billion in the Americas, $24.123 billion in Europe, $16.372 billion in Greater China, $6.262 billion in Japan, and $6.723 billion in Rest of Asia Pacific. Apple described sales in the Americas and Europe as relatively flat year over year; sales in Greater China, Japan, and Rest of Asia Pacific were lower.
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The filing cites lower iPhone and iPad sales and currency movements among the regional factors. Those factors should not be read as a complete explanation of the company-wide revenue decline or as proof that one region alone drove it.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Dividends and buybacks are separate from operating results
Apple declared a quarterly cash dividend of $0.25 per share, a 4% increase, and authorized up to $110 billion in additional common-stock repurchases. These are capital-return decisions, not revenue or profit. During the quarter, Apple had already repurchased $23.5 billion of shares and paid $3.7 billion in dividends and equivalents; those completed amounts are distinct from the new authorization.
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Sources
- Apple’s May 2, 2024 earnings release for the rounded headline results, dividend, repurchase authorization and management remarks.
- Apple’s Form 10-Q for the quarter ended March 30, 2024 for exact financial statements, category and regional sales, margin data, fiscal-calendar details and management’s discussion of factors.
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