Apple’s Q1 Earnings: Steady Growth and Record EPS

02/01/2024| By Ryan Waugh

1 min read

Record Revenue and EPS Growth

Apple has unveiled its financial outcomes for the fiscal first quarter of 2024, ending December 30, 2023, showcasing a revenue increase to $119.6 billion, up by 2% year over year. The quarterly earnings per diluted share rose significantly by 16% to $2.18, indicating robust profit growth.

Milestones and Innovation

CEO Tim Cook highlighted the December quarter’s revenue boost, driven by strong iPhone sales and a peak in Services revenue. A notable achievement is the expansion of Apple’s active installed base to over 2.2 billion devices worldwide. Cook also teased the upcoming Apple Vision Pro, underscoring the company’s commitment to innovation.

Financial Health and Shareholder Returns

Luca Maestri, Apple’s CFO, pointed out the quarter’s exceptional earnings per share (EPS) of $2.18, a 16% increase from the previous year. With nearly $40 billion generated in operating cash flow, Apple returned almost $27 billion to its shareholders. The company’s confidence is evident in its continued investments for long-term growth, along with a declared cash dividend of $0.24 per share payable in February 2024.

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