Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Apple reports second quarter results By: Apple Inc. via Business Wire May 02, 2024 at 16:30 PM EDT Services revenue reaches new all-time record EPS sets March quarter record Apple® today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53. “Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.” “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 for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.” Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock. Apple will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 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 the Company’s plans for return of capital, the payment of its quarterly dividend, and future business plans. 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, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 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 Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Net sales: Products $ 66,886 $ 73,929 $ 163,344 $ 170,317 Services 23,867 20,907 46,984 41,673 Total net sales (1) 90,753 94,836 210,328 211,990 Cost of sales: Products 42,424 46,795 100,864 107,560 Services 6,058 6,065 12,338 12,122 Total cost of sales 48,482 52,860 113,202 119,682 Gross margin 42,271 41,976 97,126 92,308 Operating expenses: Research and development 7,903 7,457 15,599 15,166 Selling, general and administrative 6,468 6,201 13,254 12,808 Total operating expenses 14,371 13,658 28,853 27,974 Operating income 27,900 28,318 68,273 64,334 Other income/(expense), net 158 64 108 (329 ) Income before provision for income taxes 28,058 28,382 68,381 64,005 Provision for income taxes 4,422 4,222 10,829 9,847 Net income $ 23,636 $ 24,160 $ 57,552 $ 54,158 Earnings per share: Basic $ 1.53 $ 1.53 $ 3.72 $ 3.42 Diluted $ 1.53 $ 1.52 $ 3.71 $ 3.41 Shares used in computing earnings per share: Basic 15,405,856 15,787,154 15,457,810 15,839,939 Diluted 15,464,709 15,847,050 15,520,675 15,901,384 (1) Net sales by reportable segment: Americas $ 37,273 $ 37,784 $ 87,703 $ 87,062 Europe 24,123 23,945 54,520 51,626 Greater China 16,372 17,812 37,191 41,717 Japan 6,262 7,176 14,029 13,931 Rest of Asia Pacific 6,723 8,119 16,885 17,654 Total net sales $ 90,753 $ 94,836 $ 210,328 $ 211,990 (1) Net sales by category: iPhone $ 45,963 $ 51,334 $ 115,665 $ 117,109 Mac 7,451 7,168 15,231 14,903 iPad 5,559 6,670 12,582 16,066 Wearables, Home and Accessories 7,913 8,757 19,866 22,239 Services 23,867 20,907 46,984 41,673 Total net sales $ 90,753 $ 94,836 $ 210,328 $ 211,990 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) March 30, 2024 September 30, 2023 ASSETS: Current assets: Cash and cash equivalents $ 32,695 $ 29,965 Marketable securities 34,455 31,590 Accounts receivable, net 21,837 29,508 Vendor non-trade receivables 19,313 31,477 Inventories 6,232 6,331 Other current assets 13,884 14,695 Total current assets 128,416 143,566 Non-current assets: Marketable securities 95,187 100,544 Property, plant and equipment, net 43,546 43,715 Other non-current assets 70,262 64,758 Total non-current assets 208,995 209,017 Total assets $ 337,411 $ 352,583 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 45,753 $ 62,611 Other current liabilities 57,298 58,829 Deferred revenue 8,012 8,061 Commercial paper 1,997 5,985 Term debt 10,762 9,822 Total current liabilities 123,822 145,308 Non-current liabilities: Term debt 91,831 95,281 Other non-current liabilities 47,564 49,848 Total non-current liabilities 139,395 145,129 Total liabilities 263,217 290,437 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively 78,815 73,812 Retained earnings/(Accumulated deficit) 4,339 (214 ) Accumulated other comprehensive loss (8,960 ) (11,452 ) Total shareholders’ equity 74,194 62,146 Total liabilities and shareholders’ equity $ 337,411 $ 352,583 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended March 30, 2024 April 1, 2023 Cash, cash equivalents and restricted cash, beginning balances $ 30,737 $ 24,977 Operating activities: Net income 57,552 54,158 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 5,684 5,814 Share-based compensation expense 5,961 5,591 Other (1,971 ) (1,732 ) Changes in operating assets and liabilities: Accounts receivable, net 7,727 9,596 Vendor non-trade receivables 12,164 14,785 Inventories 53 (2,548 ) Other current and non-current assets (4,438 ) (4,092 ) Accounts payable (16,710 ) (20,764 ) Other current and non-current liabilities (3,437 ) 1,757 Cash generated by operating activities 62,585 62,565 Investing activities: Purchases of marketable securities (25,042 ) (11,197 ) Proceeds from maturities of marketable securities 27,462 17,124 Proceeds from sales of marketable securities 4,314 1,897 Payments for acquisition of property, plant and equipment (4,388 ) (6,703 ) Other (729 ) (247 ) Cash generated by investing activities 1,617 874 Financing activities: Payments for taxes related to net share settlement of equity awards (2,875 ) (2,734 ) Payments for dividends and dividend equivalents (7,535 ) (7,418 ) Repurchases of common stock (43,344 ) (39,069 ) Repayments of term debt (3,150 ) (3,651 ) Repayments of commercial paper, net (3,982 ) (7,960 ) Other (132 ) (455 ) Cash used in financing activities (61,018 ) (61,287 ) Increase in cash, cash equivalents and restricted cash 3,184 2,152 Cash, cash equivalents and restricted cash, ending balances $ 33,921 $ 27,129 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 14,531 $ 4,894 View source version on businesswire.com: https://www.businesswire.com/news/home/20240502965412/en/Contacts Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142 Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Apple reports second quarter results By: Apple Inc. via Business Wire May 02, 2024 at 16:30 PM EDT Services revenue reaches new all-time record EPS sets March quarter record Apple® today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53. “Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.” “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 for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.” Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock. Apple will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 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 the Company’s plans for return of capital, the payment of its quarterly dividend, and future business plans. 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, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 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 Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Net sales: Products $ 66,886 $ 73,929 $ 163,344 $ 170,317 Services 23,867 20,907 46,984 41,673 Total net sales (1) 90,753 94,836 210,328 211,990 Cost of sales: Products 42,424 46,795 100,864 107,560 Services 6,058 6,065 12,338 12,122 Total cost of sales 48,482 52,860 113,202 119,682 Gross margin 42,271 41,976 97,126 92,308 Operating expenses: Research and development 7,903 7,457 15,599 15,166 Selling, general and administrative 6,468 6,201 13,254 12,808 Total operating expenses 14,371 13,658 28,853 27,974 Operating income 27,900 28,318 68,273 64,334 Other income/(expense), net 158 64 108 (329 ) Income before provision for income taxes 28,058 28,382 68,381 64,005 Provision for income taxes 4,422 4,222 10,829 9,847 Net income $ 23,636 $ 24,160 $ 57,552 $ 54,158 Earnings per share: Basic $ 1.53 $ 1.53 $ 3.72 $ 3.42 Diluted $ 1.53 $ 1.52 $ 3.71 $ 3.41 Shares used in computing earnings per share: Basic 15,405,856 15,787,154 15,457,810 15,839,939 Diluted 15,464,709 15,847,050 15,520,675 15,901,384 (1) Net sales by reportable segment: Americas $ 37,273 $ 37,784 $ 87,703 $ 87,062 Europe 24,123 23,945 54,520 51,626 Greater China 16,372 17,812 37,191 41,717 Japan 6,262 7,176 14,029 13,931 Rest of Asia Pacific 6,723 8,119 16,885 17,654 Total net sales $ 90,753 $ 94,836 $ 210,328 $ 211,990 (1) Net sales by category: iPhone $ 45,963 $ 51,334 $ 115,665 $ 117,109 Mac 7,451 7,168 15,231 14,903 iPad 5,559 6,670 12,582 16,066 Wearables, Home and Accessories 7,913 8,757 19,866 22,239 Services 23,867 20,907 46,984 41,673 Total net sales $ 90,753 $ 94,836 $ 210,328 $ 211,990 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) March 30, 2024 September 30, 2023 ASSETS: Current assets: Cash and cash equivalents $ 32,695 $ 29,965 Marketable securities 34,455 31,590 Accounts receivable, net 21,837 29,508 Vendor non-trade receivables 19,313 31,477 Inventories 6,232 6,331 Other current assets 13,884 14,695 Total current assets 128,416 143,566 Non-current assets: Marketable securities 95,187 100,544 Property, plant and equipment, net 43,546 43,715 Other non-current assets 70,262 64,758 Total non-current assets 208,995 209,017 Total assets $ 337,411 $ 352,583 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 45,753 $ 62,611 Other current liabilities 57,298 58,829 Deferred revenue 8,012 8,061 Commercial paper 1,997 5,985 Term debt 10,762 9,822 Total current liabilities 123,822 145,308 Non-current liabilities: Term debt 91,831 95,281 Other non-current liabilities 47,564 49,848 Total non-current liabilities 139,395 145,129 Total liabilities 263,217 290,437 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively 78,815 73,812 Retained earnings/(Accumulated deficit) 4,339 (214 ) Accumulated other comprehensive loss (8,960 ) (11,452 ) Total shareholders’ equity 74,194 62,146 Total liabilities and shareholders’ equity $ 337,411 $ 352,583 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended March 30, 2024 April 1, 2023 Cash, cash equivalents and restricted cash, beginning balances $ 30,737 $ 24,977 Operating activities: Net income 57,552 54,158 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 5,684 5,814 Share-based compensation expense 5,961 5,591 Other (1,971 ) (1,732 ) Changes in operating assets and liabilities: Accounts receivable, net 7,727 9,596 Vendor non-trade receivables 12,164 14,785 Inventories 53 (2,548 ) Other current and non-current assets (4,438 ) (4,092 ) Accounts payable (16,710 ) (20,764 ) Other current and non-current liabilities (3,437 ) 1,757 Cash generated by operating activities 62,585 62,565 Investing activities: Purchases of marketable securities (25,042 ) (11,197 ) Proceeds from maturities of marketable securities 27,462 17,124 Proceeds from sales of marketable securities 4,314 1,897 Payments for acquisition of property, plant and equipment (4,388 ) (6,703 ) Other (729 ) (247 ) Cash generated by investing activities 1,617 874 Financing activities: Payments for taxes related to net share settlement of equity awards (2,875 ) (2,734 ) Payments for dividends and dividend equivalents (7,535 ) (7,418 ) Repurchases of common stock (43,344 ) (39,069 ) Repayments of term debt (3,150 ) (3,651 ) Repayments of commercial paper, net (3,982 ) (7,960 ) Other (132 ) (455 ) Cash used in financing activities (61,018 ) (61,287 ) Increase in cash, cash equivalents and restricted cash 3,184 2,152 Cash, cash equivalents and restricted cash, ending balances $ 33,921 $ 27,129 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 14,531 $ 4,894 View source version on businesswire.com: https://www.businesswire.com/news/home/20240502965412/en/Contacts Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142 Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123
Apple® today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53. “Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.” “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 for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.” Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock. Apple will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 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 the Company’s plans for return of capital, the payment of its quarterly dividend, and future business plans. 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, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 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 Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Net sales: Products $ 66,886 $ 73,929 $ 163,344 $ 170,317 Services 23,867 20,907 46,984 41,673 Total net sales (1) 90,753 94,836 210,328 211,990 Cost of sales: Products 42,424 46,795 100,864 107,560 Services 6,058 6,065 12,338 12,122 Total cost of sales 48,482 52,860 113,202 119,682 Gross margin 42,271 41,976 97,126 92,308 Operating expenses: Research and development 7,903 7,457 15,599 15,166 Selling, general and administrative 6,468 6,201 13,254 12,808 Total operating expenses 14,371 13,658 28,853 27,974 Operating income 27,900 28,318 68,273 64,334 Other income/(expense), net 158 64 108 (329 ) Income before provision for income taxes 28,058 28,382 68,381 64,005 Provision for income taxes 4,422 4,222 10,829 9,847 Net income $ 23,636 $ 24,160 $ 57,552 $ 54,158 Earnings per share: Basic $ 1.53 $ 1.53 $ 3.72 $ 3.42 Diluted $ 1.53 $ 1.52 $ 3.71 $ 3.41 Shares used in computing earnings per share: Basic 15,405,856 15,787,154 15,457,810 15,839,939 Diluted 15,464,709 15,847,050 15,520,675 15,901,384 (1) Net sales by reportable segment: Americas $ 37,273 $ 37,784 $ 87,703 $ 87,062 Europe 24,123 23,945 54,520 51,626 Greater China 16,372 17,812 37,191 41,717 Japan 6,262 7,176 14,029 13,931 Rest of Asia Pacific 6,723 8,119 16,885 17,654 Total net sales $ 90,753 $ 94,836 $ 210,328 $ 211,990 (1) Net sales by category: iPhone $ 45,963 $ 51,334 $ 115,665 $ 117,109 Mac 7,451 7,168 15,231 14,903 iPad 5,559 6,670 12,582 16,066 Wearables, Home and Accessories 7,913 8,757 19,866 22,239 Services 23,867 20,907 46,984 41,673 Total net sales $ 90,753 $ 94,836 $ 210,328 $ 211,990 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) March 30, 2024 September 30, 2023 ASSETS: Current assets: Cash and cash equivalents $ 32,695 $ 29,965 Marketable securities 34,455 31,590 Accounts receivable, net 21,837 29,508 Vendor non-trade receivables 19,313 31,477 Inventories 6,232 6,331 Other current assets 13,884 14,695 Total current assets 128,416 143,566 Non-current assets: Marketable securities 95,187 100,544 Property, plant and equipment, net 43,546 43,715 Other non-current assets 70,262 64,758 Total non-current assets 208,995 209,017 Total assets $ 337,411 $ 352,583 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 45,753 $ 62,611 Other current liabilities 57,298 58,829 Deferred revenue 8,012 8,061 Commercial paper 1,997 5,985 Term debt 10,762 9,822 Total current liabilities 123,822 145,308 Non-current liabilities: Term debt 91,831 95,281 Other non-current liabilities 47,564 49,848 Total non-current liabilities 139,395 145,129 Total liabilities 263,217 290,437 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively 78,815 73,812 Retained earnings/(Accumulated deficit) 4,339 (214 ) Accumulated other comprehensive loss (8,960 ) (11,452 ) Total shareholders’ equity 74,194 62,146 Total liabilities and shareholders’ equity $ 337,411 $ 352,583 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended March 30, 2024 April 1, 2023 Cash, cash equivalents and restricted cash, beginning balances $ 30,737 $ 24,977 Operating activities: Net income 57,552 54,158 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 5,684 5,814 Share-based compensation expense 5,961 5,591 Other (1,971 ) (1,732 ) Changes in operating assets and liabilities: Accounts receivable, net 7,727 9,596 Vendor non-trade receivables 12,164 14,785 Inventories 53 (2,548 ) Other current and non-current assets (4,438 ) (4,092 ) Accounts payable (16,710 ) (20,764 ) Other current and non-current liabilities (3,437 ) 1,757 Cash generated by operating activities 62,585 62,565 Investing activities: Purchases of marketable securities (25,042 ) (11,197 ) Proceeds from maturities of marketable securities 27,462 17,124 Proceeds from sales of marketable securities 4,314 1,897 Payments for acquisition of property, plant and equipment (4,388 ) (6,703 ) Other (729 ) (247 ) Cash generated by investing activities 1,617 874 Financing activities: Payments for taxes related to net share settlement of equity awards (2,875 ) (2,734 ) Payments for dividends and dividend equivalents (7,535 ) (7,418 ) Repurchases of common stock (43,344 ) (39,069 ) Repayments of term debt (3,150 ) (3,651 ) Repayments of commercial paper, net (3,982 ) (7,960 ) Other (132 ) (455 ) Cash used in financing activities (61,018 ) (61,287 ) Increase in cash, cash equivalents and restricted cash 3,184 2,152 Cash, cash equivalents and restricted cash, ending balances $ 33,921 $ 27,129 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 14,531 $ 4,894 View source version on businesswire.com: https://www.businesswire.com/news/home/20240502965412/en/
Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142 Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123