Apple services hit another all-time high during Q1 period

Apple shared its earnings report for Q1, 2024 - the quarter ending on December 30, 2023, and it showed revenues of $119.6 billion and $33.9 billion in profits. Revenues are up by 2% while profits grew by 13% on a yearly basis.

The iPhone remained Apple’s largest revenue contributor at $69.7 billion while Apple’s services which include the likes of Apple Music, TV+, iCloud and the App Store reached a new all-time high of $23.1 billion in revenue.

Wearables, home and accessories chimed in with $11.9 billion, Mac revenue remained solid at $7.8 billion while iPad dropped to just $7 billion from $9.4 billion a year ago – a 25% year-over-year dip. Cupertino did not announce any new iPads in 2023 which is the likely factor for the big slump.

Apple Inc consolidated financial statement for Q1, 2024

The Americas were Apple’s strongest market with $50.4 billion in net sales, followed by Europe ($30.4 billion) and China ($20.8 billion). Apple was proud to announce that it now boasts a user base of 2.2 billion active devices worldwide. CEO Tim Cook mentioned Apple’s commitment to groundbreaking innovation on the eve of the Apple Vision Pro launch in the US.

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