Editor’s note: This story has been updated with additional details from Apple’s first-quarter report.
Apple, Inc. (NASDAQ:AAPL) reported first-quarter earnings and revenue Thursday that increased year-over-year and beat Street expectations. With this, the company managed to break its four-quarter-long streak of declining revenue. The strong performance came on the back of Services revenue rising to an all-time record. The stock slid in after-hours trading, apparently in reaction to a revenue decline in China.
Apple’s Key Q1 Numbers: Cupertino, California-based Apple reported first-quarter earnings per share of $2.18 and revenue of $119.6 billion, thanks to record Services revenue and iPhone revenue. CFO Luca Maestri said the bottom-line result was at an all-time record due to topline growth and margin expansion.
Here’s how the quarterly numbers compare with the consensus and the company’s past performance:
| Q1’24 Actuals | Q1’24 Consensus* | Q1’23 | Q4’23 | |
| Revenue | $119.6B | $117.91B | $117.2 | $89.5B |
| EPS | $2.18 | $2.10 | $1.88 | $1.46 |
| Gross margin | 45.8% | N/A | 42.96% | 45.17% |
*according to Benzinga Pro data
In early November, Apple guided to flattish first-quarter revenue on a year-over-year basis, despite the quarter having one less selling week than its comparable year-ago period. Morgan Stanley analyst Erik Woodring had called for a healthy first-quarter beat, with revenue and earnings per share likely coming in at $119 billion and $2.13, respectively.
Gross margin was at 45.88%, compared to the 45%-46% range flagged by the company in November.
“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said, CEO Tim Cook.
“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.”
Apple’s board declared a cash dividend of 24 cents per share, payable on Feb. 15 to shareholders of record as of the close of business on Feb. 12.
Apple’s Performance By Product, Geographies: The iPhone, Apple’s flagship product, fetched revenue of $69.7 billion, in line with the company’s guidance for year-over-year growth on an absolute basis as well as after normalizing for both last year’s supply disruptions and…
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