Key Highlights
- Apple has declared its report for the first quarter of its fiscal 2024.
- It showed $2.18 in quarterly earnings per diluted share.
- As per the company it had $119.6 billion in revenue, up 2% year over year.
Apple released its financial results today for the first quarter of its fiscal 2024, which ended on December 30, 2023. Reportedly, the tech firm has reported $2.18 in quarterly earnings per diluted share, up 16 per cent from the previous year, and $119.6 billion in revenue, up 2% year over year. According to a Counterpoint report, Apple’s shipments exceeded 10 million enabling it to overtake all other companies in terms of revenue for the first time in a calendar year.
“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are as committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.”
“Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $40 billion of operating cash flow and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans.”
According to the company Apple’s board of directors have announced a $0.24 cash dividend for each share of ordinary stock. To stockholders of record as of the close of business on February 12, 2024, the dividend is payable on February 15, 2024.
Based on the Company’s fiscal calendar, the first quarter of fiscal 2024 will consist of 13 weeks, whilst the first quarter of fiscal 2023 will consist of 14 weeks.
According to the most recent data from Counterpoint’s Monthly India Smartphone Tracker, there was no change in India’s smartphone shipments in 2023 at 152 million units.
However, Apple’s shipments exceeded the 10-million barrier, helping them take the top spot in revenue for the first time ever in a calendar year. Still, the company’s shipments exceeded the 10-million barrier, helping them take the top spot in terms of revenue. This has happened for the very first time in a calendar year.
As per the CEO, India recorded robust double-digit growth in revenue during the December quarter, therefore setting a new record for the quarter.
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Commenting on the competitive landscape and brand-level analyses, Research Analyst Shubham Singh said, “Samsung led the market in 2023 with an 18% share driven by a strong performance of the A series, aggressive marketing in offline, and focussed approach in the premium segment. vivo ranked second with a 17% share and led the affordable premium segment in 2023 driven by CMF (Colour, Material, Finish)-focused V29 series in offline and T series in online. Xiaomi slipped to the third spot in 2023 but captured the top spot in Q4 2023 driven by its strategy to launch 5G phones in the affordable segment, offline expansion and a leaner portfolio.
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The premium segment (>INR 30,000, ~ $360) witnessed a 64% YoY growth in 2023 driven by easy financing schemes, which resulted in consumers jumping price bands to purchase higher-priced smartphones. One out of every three smartphones was purchased through financing in 2023. Apple’s focus on India is also aiding the trend, with the brand surpassing the 10-million-unit mark in shipments and capturing the top position in revenue in a calendar year for the first time, propelled by robust demand for both its latest and older iPhones. The opening of its own retail stores and increasing focus on LFR (large-format retail) through regular promotions contributed to increased offline shipments. Besides, higher trade-in values presented an appealing proposition for consumers to transition to iOS.”
