Apple Reports Soaring Profits Thanks to All Time High Services Revenue

In its latest earnings disclosure for the first quarter of 2024, which concluded on December 30, 2023, Apple announced a revenue of $119.6 billion and a profit tally of $33.9 billion. This marks a 2% increase in revenue and an impressive 13% surge in profits from the previous year.

Leading the charge in Apple’s revenue streams was the iPhone, which accounted for $69.7 billion. Meanwhile, the conglomerate’s services sector, encompassing offerings like Apple Music, TV+, iCloud, and the App Store, hit an unprecedented revenue milestone of $23.1 billion.

The wearables, home, and accessories sector contributed $11.9 billion to Apple’s revenue, with Mac sales holding steady at $7.8 billion. However, iPad sales saw a significant decline, falling to $7 billion from the previous year’s $9.4 billion, marking a 25% year-over-year decrease. The absence of new iPad launches in 2023 is attributed as the primary reason for the sharp decline.

In terms of regional performance, the Americas emerged as Apple’s most lucrative market, generating $50.4 billion in net sales. This was followed by Europe, with sales of $30.4 billion, and China, contributing $20.8 billion. Apple also highlighted a milestone achievement, boasting a global active device base of 2.2 billion. On the cusp of launching the Apple Vision Pro in the United States, CEO Tim Cook underscored the company’s dedication to pioneering innovation.

Changes to the Apple Store

Recently, Apple has made sweeping changes to the App Store for iPhones and other Apple devices. Going forward, iPhone users in the EU will have the option to use third-party app stores and will also be able to assign other internet browsers as their default option outside of Safari. Users could already choose other browsers before, but they had to be based on Safari’s engine. This is no longer a limitation either as any browser can now be chosen.

Moreover, developers on the App Store can also introduce their own payment option for in-app purchases instead of using Apple’s offerings.

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