Apple announced its first fiscal quarter of 2024 results, posting record revenue of $119.6 billion, a 2% increase year-over-year. The numbers from the iPhone were impressive whereas the iPad was predictably down.
The iPhone, Apple’s flagship product, remained the driver-in-chief , generating $69.3 billion in revenue, a 7% increase year-over-year. This growth was likely driven by strong sales of the iPhone 15 series, particularly the Pro models with their advanced camera technology and powerful chipsets. While specific unit sales figures weren’t disclosed, the numbers suggest continued consumer demand for premium smartphones.
The Mac devices saw a slight dip in revenue, generating $7.7 billion. Overall, the PC market has been struggling for the last few quarters and Apple too has seen the share of Mac shrink. However, the the upcoming launch of the highly anticipated M3 MacBook Air may give a much-needed fillip.
The iPad generated $7.02 billion in revenue — a number that was down 25% compared to last year. Apple didn’t release any new iPads in 2023 but is expected to refresh the iPad Air and iPad Pro in March 2024.
Apple’s Services segment, encompassing App Store, Apple Music, iCloud, and other subscriptions, continued its impressive trajectory, generating a record $23.1 billion in revenue. The Services growth highlights the increasing importance of recurring revenue streams for Apple, as users embrace digital content and services more than ever.
The iPhone, Apple’s flagship product, remained the driver-in-chief , generating $69.3 billion in revenue, a 7% increase year-over-year. This growth was likely driven by strong sales of the iPhone 15 series, particularly the Pro models with their advanced camera technology and powerful chipsets. While specific unit sales figures weren’t disclosed, the numbers suggest continued consumer demand for premium smartphones.
The Mac devices saw a slight dip in revenue, generating $7.7 billion. Overall, the PC market has been struggling for the last few quarters and Apple too has seen the share of Mac shrink. However, the the upcoming launch of the highly anticipated M3 MacBook Air may give a much-needed fillip.
The iPad generated $7.02 billion in revenue — a number that was down 25% compared to last year. Apple didn’t release any new iPads in 2023 but is expected to refresh the iPad Air and iPad Pro in March 2024.
Apple’s Services segment, encompassing App Store, Apple Music, iCloud, and other subscriptions, continued its impressive trajectory, generating a record $23.1 billion in revenue. The Services growth highlights the increasing importance of recurring revenue streams for Apple, as users embrace digital content and services more than ever.
