Apple reports 4% revenue drop in Q2

Apple on Thursday announced financial results for its fiscal 2024 second quarter ending March 30, with a quarterly revenue of 90.8 billion U.S. dollars, down 4 percent year over year, reported Xinhua.

The company posted its quarterly earnings per diluted share of 1.53 dollars, one cent higher year over year.

Its net income for the quarter decreased to 23.64 billion dollars from 24.16 billion dollars a year ago.

The company's service sales rose to 23.87 billion dollars from 20.91 billion dollars year on year.

Sales of iPhone decreased to 45.96 billion dollars from 51.33 billion dollars a year ago.

Its sales of Wearables, Home and Accessories products dropped slightly to 7.91 billion dollars from 8.76 billion dollars a year ago.

Apple's net sales in the Greater China region decreased to 16.37 billion dollars from 17.81 billion dollars a year ago, according to Apple's financial statement.

"Today Apple is reporting ... 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."

"Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional 110 billion dollars for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row," said Luca Maestri, Apple's CFO.

Apple's board of directors has declared a cash dividend of 0.25 dollars 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.