Apple

Apple reported a profit of $33.9 billion in Q1 2024, attributed to strong iPhone sales. After disappointing quarters marked by sluggish iPhone sales, the tech giant experienced an upturn in revenue during Q1 2024. The company disclosed revenue of $119.6 billion, a notable increase from $117.15 billion in the corresponding period last year. The surge in revenue is primarily credited to robust sales of iPhones and MacBooks. Apple’s services division also played a significant role, contributing substantially to the overall revenue.

In Q1 2024, Apple achieved a remarkable $33.9 billion in net profits, surpassing the $30 billion generated in the same quarter of the previous year. The success is largely attributed to the impressive sales of iPhones and MacBooks. The decision to launch the new M3 MacBook model before year-end proved to be strategic, resulting in a revenue of $7.78 billion, a slight increase from the $7.74 billion generated in the same quarter last year.

iPhones remain a major revenue driver for Apple, contributing $69.7 billion out of the total revenue in the quarter under consideration. This is a notable increase from the $65.78 billion generated in the same period of the previous year. The uptick in iPhone sales suggests strong demand for the iPhone 15 series, launched during that quarter, providing a positive shift after previous quarters fell short of expectations. However, there are speculations that iPhone shipments might decline by 15 percent during the 2024 holiday season due to the perceived lack of significant upgrades in the iPhone 16 series compared to the iPhone 15 series, potentially influencing users’ decisions to upgrade.

Conversely, iPad sales experienced a decline, dropping to $7.023 billion in Q1 2024 from $9.4 billion in the same quarter last year, indicating a substantial decrease in tablet sales. The services division showcased notable improvement, with revenue increasing to $23.117 billion in the stated quarter compared to $20.77 billion in the same quarter last year.

Regrettably, the wearables, Home and Accessories categories mirrored the decline seen in iPad sales, with revenue decreasing to $11.95 billion from $13.48 billion in the last quarter.

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