UPDATED with leisure feedback: Apple CEO Tim Cook gave a shoutout to approaching Wolves set for theatrical launch this fall, Sony distributing. Comedy sequence Palm Royale with Kristen Wiig and Laura Dern, and Colin Farrell-starring detective skein Sugar additionally obtained a plug. Apple’s leisure enterprise, Apple Studio and Apple TV+ are buried within the Providers division (a large $23.8 billion enterprise final quarter with music, video games, Apple Pay and extra) however it’s the one one Prepare dinner routinely feedback on throughout Apple’s post-earnings convention calls, like at this time’s.
He retains a operating tally every quarter of Apple TV+ award nominations (2,100) and wins (480) for Apple TV+ productions because the service launched. “We’ve got some unbelievable theatrical releases coming this 12 months, together with Wolfs, which reunites George Clooney and Brad Pitt,” he mentioned.
Providers grew 14% within the present June quarter and CFO Luca Maestri see the same bump within the present June quarter. He’s at all times tremendous cautious not to select particular strands however mentioned there have been information in a number of classes and geographies in developed and rising markets. He mentioned Providers has handed $1 billion subscriptions thanks partially to a built-in set up base of Apple iPhones and iPads.
PREVIOUSLY: Apple’s fiscal Q2 numbers beat Wall Avenue estimates on the highest and backside line in a market that was ready for them with some trepidation — primarily information of iPhone gross sales in China. The dip there was lower than anticipated. The inventory is up greater than 7% in after-hours buying and selling.
Apple shares had large 2023 however the inventory has been practically alongside among the many so-called Magnificent seven tech inventory to lose floor up to now in 2024.
Providers income, which homes Apple TV +, music, video games and a number of others platforms, was a standout with gross sales up $3 billion to $23.9 billion. Execs could give some particulars on a name beginning at 5 pm ET.
The corporate introduced a large share buyback program and a dividend enhance.
Apple posted $90.75 billion in income for the three months led to March. Web earnings eased barely to $23.6 billion (from $24.2 billion). EPS was flat at $1.53.
Iphone gross sales of $45.96 million fell from $51 billion. Gross sales in Better China, the place Apple has been dealing with heightened competitors, had been $16.3 billion from $17.8 billion, however there have been up in mainland China. Gross sales rose Europe. Mac gross sales rose 7%.
“Right now Apple is reporting income of $90.8 billion for the March quarter, together with an all-time income report in Providers,” mentioned Tim Prepare dinner, Apple’s CEO. “Through the quarter, we had been thrilled to launch Apple Imaginative and prescient Professional and to indicate the world the potential that spatial computing unlocks. We’re additionally trying ahead to an thrilling product announcement subsequent week and an unbelievable Worldwide Builders Convention subsequent month. As at all times, we’re targeted on offering the easiest services for our clients, and doing so whereas dwelling as much as the core values that drive us.”
“Due to very excessive ranges of buyer satisfaction and loyalty, our energetic put in base of gadgets has reached a brand new all-time excessive throughout all merchandise and all geographic segments, and our enterprise efficiency drove a brand new EPS report for the March quarter,” mentioned Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the worth we see in our inventory, our Board has licensed a further $110 billion for share repurchases. We’re additionally elevating our quarterly dividend for the twelfth 12 months in a row.”
