Apple Q2 Earnings Beat Muted Forecast On Services, Mac Strength: Installed Base At Fresh Record, Cupertino Announces Massive $110B Buyback (UPDATED)
Editor’s note: This story has been updated with additional details.
Apple, Inc. (NASDAQ:AAPL) reported Thursday with second-quarter results that outperformed muted goals. The company announced a $110-billion stock buyback program and a one-penny-per-share increase in its quarterly dividend. The shares of the underperforming big tech stock rose about 3.5% following the earnings announcement.
Apple’s Key Q2 Numbers: As was widely expected, Cupertino, California-based Apple reported a year-over-year revenue decline after it snapped a four-quarter-long streak of falling revenue in the December quarter. Apple’s second-quarter earnings per share also fell from one year ago.
Here’s how key metrics stacked up against the consensus estimates and prior periods:
| Q2’24 (Actual) |
Q2’24 (Consensus*) |
Q2’23 | Q1’24 | |
| Revenue | $90.75B | $90.01B | $94.84B | $119.6B |
| Non-GAAP EPS | $1.53 | $1.50 | $1.52 | $2.18 |
| Gross margin | 46.58% | N/A | 44.26% | 45.88% |
“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” CEO Tim Cook said in a statement.
Commenting on the results, CFO Luca Maestri said, “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 …
Full story available on Benzinga.com