Apple profits fall as iPhone demand slows
However, sales in Europe increased from $23.9bn (£19.03bn) to 24.1bn (£19.1bn)
Apple has reported a 2% year-on-year decline in profit to $23.6bn (£18.8bn) and a 4% decrease in revenues to $90.8bn (£72.2bn) for its fiscal 2024 second quarter ended March 30, 2024.
The decline in revenue and profits comes as the group’s iPhone sales dropped 10% from $51.3bn (£40.8bn) to $45.9bn (£36.5bn).
Meanwhile, sales in China, the Americas, Japan and the rest of Asia Pacific dropped to $16.3bn (£12.9bn), $37.2bn (£29.6bn), $6.2bn (£4.9bn), and $6.7bn (£5.3bn) respectively.
However, sales in Europe increased from $23.9bn (£19.03bn) to 24.1bn (£19.1bn).
Tim Cook, Apple’s CEO, said: “Today Apple is reporting revenue of $90.8bn (£72.2bn) for the March quarter, including an all-time revenue record in Services. During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks.
“We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”
Luca Maestri, Apple’s CFO, added: “Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter.
“Given our confidence in Apple’s future and the value we see in our stock, our board has authorised an additional $110bn (£87.5bn) for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”
