Apple said total net sales rose 2%, or $2.4 billion, in Q1 2024 from the same quarter a year earlier, driven by higher iPhone and Services sales that partly offset lower iPad and Wearables, Home and Accessories sales. The quarter had 13 weeks, compared with 14 weeks in the year-earlier quarter.

10-QQuarterly reportFiled Feb 2, 2024Period of report Dec 30, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

Apple said total net sales rose 2%, or $2.4 billion, in Q1 2024 from the same quarter a year earlier, driven by higher iPhone and Services sales that partly offset lower iPad and Wearables, Home and Accessories sales. The quarter had 13 weeks, compared with 14 weeks in the year-earlier quarter.
Apple said iPhone net sales rose 6% ($3.9 billion) and Services rose 11% ($2.4 billion) in Q1, while iPad fell 25% ($2.4 billion) and Wearables, Home and Accessories fell 11% ($1.5 billion). Mac was relatively flat.
In Q1, the company reported that Greater China net sales fell 13% ($3.1 billion), while Europe rose 10% ($2.7 billion) and Japan rose 15% ($1.0 billion). The company cited lower sales of iPhone, iPad, and Wearables, Home and Accessories as the reasons for the Greater China decline.
Apple said it repurchased $20.5 billion of common stock and paid $3.8 billion in dividends and dividend equivalents in Q1 2024. As of December 30, 2023, its quarterly cash dividend was $0.24 per share.

Key figures

Quarter ended December 30, 2023

Revenue: $119.6B
Operating income: $40.4B
Net income: $33.9B
EPS: $2.18
Gross profit: $54.9B
Operating cash flow: $39.9B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Apple’s 2024 Q1 Net Sales Rise 2%

Apple said total net sales rose 2%, or $2.4 billion, in Q1 2024 from the same quarter a year earlier, driven by higher iPhone and Services sales that partly offset lower iPad and Wearables, Home and Accessories sales. The quarter had 13 weeks, compared with 14 weeks in the year-earlier quarter.

Source · Based on the MD&A text of the filing

iPhone 6%, Services 11% Up; iPad 25% Down

Apple said iPhone net sales rose 6% ($3.9 billion) and Services rose 11% ($2.4 billion) in Q1, while iPad fell 25% ($2.4 billion) and Wearables, Home and Accessories fell 11% ($1.5 billion). Mac was relatively flat.

Source · Based on the MD&A text of the filing

Greater China 13% Down; Europe 10%, Japan 15% Up

In Q1, the company reported that Greater China net sales fell 13% ($3.1 billion), while Europe rose 10% ($2.7 billion) and Japan rose 15% ($1.0 billion). The company cited lower sales of iPhone, iPad, and Wearables, Home and Accessories as the reasons for the Greater China decline.

Source · Based on the MD&A text of the filing

Buybacks $20.5 billion, Dividends $3.8 billion

Apple said it repurchased $20.5 billion of common stock and paid $3.8 billion in dividends and dividend equivalents in Q1 2024. As of December 30, 2023, its quarterly cash dividend was $0.24 per share.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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