The technology company’s diluted earnings per share for the reported quarter remained flat at $1.53 compared to $1.52 in Q2 2023 and its total net sales for the March quarter were $90.75bn
Apple earns revenue of $66.88bn from its products in the reported quarter. (Credit: Marcus Quigmire from Florida, USA/Wikimedia Commons)
Apple has posted a net income of $23.63bn for the second quarter of 2024, a decrease of 2.1% compared to $24.16bn in the same quarter of the previous fiscal year.
The multinational technology company’s diluted earnings per share for the reported quarter that ended 30 March 2024 remained flat at $1.53 compared to $1.52 in the same period in 2023.
Apple’s total net sales for the second quarter were $90.75bn, a decrease of 4.3% compared to $94.83bn in the same quarter of the previous fiscal year.
The company earned revenue of $66.88bn from its products in the reported quarter compared to $73.92bn in the second quarter of 2023.
Net sales of iPhone in the reported quarter were $45.96bn compared to $51.33bn in the same quarter of 2023. Mac’s net sales in Q2 2024 grew from $7.16bn in Q2 2023 to $7.45bn.
Through its services, the tech giant made $23.86 in revenues in Q2 2024 compared to $20.9bn in the corresponding quarter of the fiscal year 2023.
Apple CEO Tim Cook said: “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.”
The company’s board of directors has declared a cash dividend of $0.25 per share, which is an increase of 4% YoY. Apart from that, the board authorised a $110bn increase to the company’s existing share repurchase programme.
For the first six months of 2024, the company’s net income was $57.55bn, an increase of 6.2% compared to $54.15bn for the first six months of 2023.
Net sales for the six months that ended 30 March 2024 were $210bn compared to $212bn reported for the same period in the previous fiscal year.
In February this year, Apple was reported to have cancelled its ambitious initiative to develop an autonomous electric car after a decade of work.