ALBAWABA – Apple has released its fiscal Q1 report for 2024, which showed a break of the declined sales streak that spanned for four quarters, with quarterly 2 percent higher revenue of $119.6 billion and $2.18 in quarterly earnings per diluted share, a 16 percent increase from the previous year, while sales in China are 13 percent less than anticipated numbers from LSEG, with $20.82 billion compared to analysts' estimate of $23.53 billion.
Apple’s stock price saw a decline of 1.6 percent during trading hours and 2 percent further in extended trading hours, with the tech giant’s Chief Financial Officer, Luca Maestri commenting in an interview with Bloomberg TV that they are aware of China’s situation as the most competitive market and are not pleased with the decline.
Tim Cook, Chief Executive Officer of Apple, said to Reuters that the competitive nature if Chinese market has not change, adding that the company is content with the 6 percent growth in iPhone sales, which reached $69.70 billion compared to LSEG reported expectation of $67.82 billion after the release of the iPhone 15 line-up.
The iPad, however, did not see a significant surge in sales through the holidays with a revenue decline of 25 percent at $7.02 billion, lower than analysts’ estimates of $7.06 billion according to Bloomberg, which added that the fact Apple has not released a new iPad model for a full calendar year, which has not happened for about 14 years, however Bloomberg News reports that Apple is expected to reveal a new iPad line-up, possibly next month.
Apple has recently released its Apple Vision Pro headset, marking Apple’s first time entering to a new major product category in almost 9 years for a hefty price tag of $3,499 with partnerships that include Disney+’s 3D movies and Microsoft’s Office products, it is still unclear how it would affect Apple’s sales in the next quarter.
