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 ...