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:max_bytes(150000):strip_icc()/GettyImages-1243018992-0955bf17e7dc4542852b19af0596280b.jpg "Apple Earnings Beat Estimates, China Sales Slowdown Drags Stock")
Key Takeaways
- Apple’s first quarter fiscal year 2024 earnings and revenue beat analyst expectations.
- Net income grew to $33.92 billion, or $2.18 per diluted share.
- Revenue rose 2% to $119.58 billion.
- While iPhone sales and services revenue rose, there was a slowdown in sales from the Greater China region.
Apple Inc.’s (AAPL) first-quarter fiscal 2024 earnings and revenue exceeded analyst expectations. The company’s shares slipped roughly 2% in after-hours trading as China slowdown concerns deepened.
Net income grew double-digits to $33.92 billion, or $2.18 per diluted share. Analyst had projected net income of $32.56 billion or $2.09 per diluted share.
The tech giant’s revenue rose 2% to a better-than-expected $119.58 billion, driven by record services revenue and a near 6% iPhone sales growth. However, the company saw a roughly 13% decline in sales in the Greater China region, even as revenue ticked up for all other geographies.
| Q1 FY2024 | Analyst Estimates for Q1 FY2024 | Q1 FY2023 | Year-over-year% change | |
|---|---|---|---|---|
| Revenue | $119.58 billion | $117.97 billion | $117.15 billion | 2% |
| (Diluted) Earnings Per Share | $2.18 | $2.09 | $1.88 | 15.9% |
| Net Income | $33.92 billion | $32.56 billion | $30 billion | 13% |