Services revenue reaches new all-time record

EPS up 16 percent to new all-time high

Apple® today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over 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 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.”

Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on February 15, 2024 to shareholders of record as of the close of business on February 12, 2024.

Based on the Company’s fiscal calendar, the Company’s fiscal 2024 first quarter had 13 weeks, while the Company’s fiscal 2023 first quarter had 14 weeks.

Apple will provide live streaming of its Q1 2024 financial results conference call beginning at 2:00 p.m. PT on February 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

 

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)

 

 

Three Months Ended

 

December 30, 2023

 

December 31, 2022

Net sales:

 

 

 

Products

$

96,458

 

 

$

96,388

 

Services

 

23,117

 

 

 

20,766

 

Total net sales (1)

 

119,575

 

 

 

117,154

 

Cost of sales:

 

 

 

Products

 

58,440

 

 

 

60,765

 

Services

 

6,280

 

 

 

6,057

 

Total cost of sales

 

64,720

 

 

 

66,822

 

Gross margin

 

54,855

 

 

 

50,332

 

 

 

 

 

Operating expenses:

 

 

 

Research and development

 

7,696

 

 

 

7,709

 

Selling, general and administrative

 

6,786

 

 

 

6,607

 

Total operating expenses

 

14,482

 

 

 

14,316

 

 

 

 

 

Operating income

 

40,373

 

 

 

36,016

 

Other income/(expense), net

 

(50

)

 

 

(393

)

Income before provision for income taxes

 

40,323

 

 

 

35,623

 

Provision for income taxes

 

6,407

 

 

 

5,625

 

Net income

$

33,916

 

 

$

29,998

 

 

 

 

 

Earnings per share:

 

 

 

Basic

$

2.19

 

 

$

1.89

 

Diluted

$

2.18

 

 

$

1.88

 

Shares used in computing earnings per share:

 

 

 

Basic

 

15,509,763

 

 

 

15,892,723

 

Diluted

 

15,576,641

 

 

 

15,955,718

 

 

 

 

 

(1) Net sales by reportable segment:

 

 

 

Americas

$

50,430

 

 

$

49,278

 

Europe

 

30,397

 

 

 

27,681

 

Greater China

 

20,819

 

 

 

23,905

 

Japan

 

7,767

 

 

 

6,755

 

Rest of Asia Pacific

 

10,162

 

 

 

9,535

 

Total net sales

$

119,575

 

 

$

117,154

 

 

 

 

 

(1) Net sales by category:

 

 

 

iPhone

$

69,702

 

 

$

65,775

 

Mac

 

7,780

 

 

 

7,735

 

iPad

 

7,023

 

 

 

9,396

 

Wearables, Home and Accessories

 

11,953

 

 

 

13,482

 

Services

 

23,117

 

 

 

20,766

 

Total net sales

$

119,575

 

 

$

117,154

 

 

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)

 

 

December 30, 2023

 

September 30, 2023

ASSETS:

Current assets:

 

 

 

Cash and cash equivalents

$

40,760

 

 

$

29,965

 

Marketable securities

 

32,340

 

 

 

31,590

 

Accounts receivable, net

 

23,194

 

 

 

29,508

 

Vendor non-trade receivables

 

26,908

 

 

 

31,477

 

Inventories

 

6,511

 

 

 

6,331

 

Other current assets

 

13,979

 

 

 

14,695

 

Total current assets

 

143,692

 

 

 

143,566

 

 

 

 

 

Non-current assets:

 

 

 

Marketable securities

 

99,475

 

 

 

100,544

 

Property, plant and equipment, net

 

43,666

 

 

 

43,715

 

Other non-current assets

 

66,681

 

 

 

64,758

 

Total non-current assets

 

209,822

 

 

 

209,017

 

Total assets

$

353,514

 

 

$

352,583

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

 

 

 

Accounts payable

$

58,146

 

 

$

62,611

 

Other current liabilities

 

54,611

 

 

 

58,829

 

Deferred revenue

 

8,264

 

 

 

8,061

 

Commercial paper

 

1,998

 

 

 

5,985

 

Term debt

 

10,954

 

 

 

9,822

 

Total current liabilities

 

133,973

 

 

 

145,308

 

 

 

 

 

Non-current liabilities:

 

 

 

Term debt

 

95,088

 

 

 

95,281

 

Other non-current liabilities

 

50,353

 

 

 

49,848

 

Total non-current liabilities

 

145,441

 

 

 

145,129

 

Total liabilities

 

279,414

 

 

 

290,437

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,460,223 and 15,550,061 shares issued and outstanding, respectively

 

75,236

 

 

 

73,812

 

Retained earnings/(Accumulated deficit)

 

8,242

 

 

 

(214

)

Accumulated other comprehensive loss

 

(9,378

)

 

 

(11,452

)

Total shareholders’ equity

 

74,100

 

 

 

62,146

 

Total liabilities and shareholders’ equity

$

353,514

 

 

$

352,583

 

 

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

 

 

Three Months Ended

 

December 30, 2023

 

December 31, 2022

Cash, cash equivalents and restricted cash, beginning balances

$

30,737

 

 

$

24,977

 

 

 

 

 

Operating activities:

 

 

 

Net income

 

33,916

 

 

 

29,998

 

Adjustments to reconcile net income to cash generated by operating activities:

 

 

 

Depreciation and amortization

 

2,848

 

 

 

2,916

 

Share-based compensation expense

 

2,997

 

 

 

2,905

 

Other

 

(989

)

 

 

(317

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

6,555

 

 

 

4,275

 

Vendor non-trade receivables

 

4,569

 

 

 

2,320

 

Inventories

 

(137

)

 

 

(1,807

)

Other current and non-current assets

 

(1,457

)

 

 

(4,099

)

Accounts payable

 

(4,542

)

 

 

(6,075

)

Other current and non-current liabilities

 

(3,865

)

 

 

3,889

 

Cash generated by operating activities

 

39,895

 

 

 

34,005

 

 

 

 

 

Investing activities:

 

 

 

Purchases of marketable securities

 

(9,780

)

 

 

(5,153

)

Proceeds from maturities of marketable securities

 

13,046

 

 

 

7,127

 

Proceeds from sales of marketable securities

 

1,337

 

 

 

509

 

Payments for acquisition of property, plant and equipment

 

(2,392

)

 

 

(3,787

)

Other

 

(284

)

 

 

(141

)

Cash generated by/(used in) investing activities

 

1,927

 

 

 

(1,445

)

 

 

 

 

Financing activities:

 

 

 

Payments for taxes related to net share settlement of equity awards

 

(2,591

)

 

 

(2,316

)

Payments for dividends and dividend equivalents

 

(3,825

)

 

 

(3,768

)

Repurchases of common stock

 

(20,139

)

 

 

(19,475

)

Repayments of term debt

 

 

 

 

(1,401

)

Repayments of commercial paper, net

 

(3,984

)

 

 

(8,214

)

Other

 

(46

)

 

 

(389

)

Cash used in financing activities

 

(30,585

)

 

 

(35,563

)

 

 

 

 

Increase/(Decrease) in cash, cash equivalents and restricted cash

 

11,237

 

 

 

(3,003

)

Cash, cash equivalents and restricted cash, ending balances

$

41,974

 

 

$

21,974

 

 

 

 

 

Supplemental cash flow disclosure:

 

 

 

Cash paid for income taxes, net

$

7,255

 

 

$

828

 

 

Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142

Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123

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