Apple reports record revenue in the March quarter in India amid a global decline in iPhone sales

Apple reported most recent quarterly revenue of $90.8 billion, down 4.21% from a year ago, due to the year-over-year negative impact of foreign exchange. It reported net profit of $23.6 billion, down 2.47% year-over-year, and quarterly earnings per diluted share of $1.53, up 0.65% year-over-year for the 2024 second quarter ended March 30. 2024.

During the earnings call, Apple CEO Tim Cook said the company hit revenue records in more than a dozen countries and regions. These include, but are not limited to, March quarter records in Latin America and the Middle East, as well as in Canada, India, Spain and Turkey.

In the March quarter a year ago, Apple was able to replenish iPhone channel inventory and meet significant backlog demand from the December quarter's COVID-related supply disruptions on the iPhone 14 Pro and 14 Pro Max. This has been reflected this year, so there is a 10% year-over-year decline in iPhone revenue due to the $5 billion impact.

However, Apple said it still saw growth in the iPhone in some markets, including mainland China.

• Product revenue was $66.9 billion, down 10% compared to last year, due to a difficult iPhone comparison, which was partially offset by Mac strength.
• Services posted an all-time record revenue of $23.9 billion, up 14% from a year ago, with record performance in developed and emerging markets.
• iPhone revenue was $46 billion, down 10% year over year due to the nearly $5 billion impact from a year ago. Adjusting for this one-time impact, iPhone revenue would be roughly flat from last year.
• iPad revenue was $5.6 billion, down 17% year-on-year due to a difficult comparison with the launch of the iPad Pro M2 and last year's iPad 10th Generation.
• Mac revenue was $7.5 billion, up 4% year over year, driven by the latest MacBook Air with M3. The Mac installed base reached an all-time high, with half of MacBook Air buyers during the quarter being new to Macs.
• Wearables, home and accessories revenue was $7.9 billion, down 10% year-over-year due to the difficult launch comparison.
• Over $1 billion in paid subscriptions to services, more than double four years ago.

Regarding Q2 2024 earnings results, Apple CEO Tim Cook said,

Today, Apple reports revenue of $90.8 billion for the March quarter, including record revenue in Services. During the quarter, we were excited to launch Apple Vision Pro and show the world the potential that spatial computing unlocks. We're also looking forward to an exciting product announcement next week and an amazing Worldwide Developers Conference next month. As always, we are focused on providing the best products and services to our customers, and doing so while staying true to the core values ​​that drive us.