Apple has reported a net income of $23.63bn for the second quarter (Q2) of the fiscal year 2024 (FY24), a decrease from the $24.16bn recorded in the same quarter of FY2023.
Earnings per diluted share stood at $1.53 in Q2 FY24, compared to $1.52 in Q2 FY23.
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The technology giant’s net sales for the reported quarter, which ended 30 March 2024, reached $90.75bn, a 4% year-on-year decrease from $94.83bn in the previous year’s Q2.
The Americas remained the highest revenue-generating region, despite a slight drop to $37.27bn from $37.78bn in Q2 FY23.
Europe saw a modest increase in net sales, rising to $24.12bn in Q2 FY24 from $23.94bn in the previous year’s Q2.
However, the Greater China region experienced a decline, with sales falling to $16.37bn from $17.81bn in Q2 FY23.
In Japan, Apple’s net sales decreased to $6.26bn in Q2 FY24 from $7.17bn in the corresponding quarter of the previous year.
The rest of Asia Pacific also saw a reduction in sales, down to $6.72bn from $8.11bn in Q2 FY23.
The company’s iPhone product line witnessed a decline in net sales, dropping to $45.96bn in Q2 FY24 from $51.33bn in the same quarter of the previous year.
Mac products experienced a sales increase to $7.45bn from $7.16bn.
Net sales for iPad stood at $5.55bn, while the Wearables, Home and Accessories category reported net sales of $7.91bn.
Operating income for Q2 FY24 was $27.90bn, slightly lower than the $28.31bn reported in Q2 FY23.
For the six months ending on 31 March 2024, Apple’s net sales amounted to $210.328bn, a decrease from $211.99bn for the same period in the previous year.
Net income for these six months showed an increase, reaching $57.55bn compared to $54.15bn in the same period of FY23.
Apple chief financial officer Luca Maestri said: “Given our confidence in Apple’s future and the value we see in our stock, our board has authorised an additional $110bn for share repurchases. We are also raising our quarterly dividend for the 12th year in a row.”
