- Apple’s 2Q revenue has met estimated values, amounting to $90.75 billion, a decline of 4.3% compared to the previous year.
- The reported product revenue stands at $66.89 billion, a year-on-year (y/y) decline of 9.5%.
- iPhone revenue has also seen a decline by 10% y/y, reported at $45.96 billion for 2Q.
- On the other hand, Mac revenue has increased by 3.9% y/y, amounting to $7.45 billion.
- iPad revenue is reported at $5.56 billion, marking a 17% y/y decrease.
- The revenue from wearables, home and accessories has also seen a y/y decline by 9.6%, currently reported at $7.91 billion.
- Service revenue has increased by 14% y/y and stands at $23.87 billion.
- In Greater China, revenue has decreased by 8.1% y/y and is currently reported at $16.37 billion.
- Earnings Per Share (EPS) has seen an increase from the previous year, rising from $1.52 to $1.53.
- Total operating expenses for 2Q amount to $14.37 billion.
- The reported gross margin is $42.27 billion, marking a 0.7% y/y increase.
- The company reports cash and equivalents at $32.70 billion for the quarter.
- The reported cost of sales for 2Q stands at $48.48 billion.
- Total current assets and liabilities have been reported at $128.42 billion and $123.82 billion, respectively.
- The company plans on increasing its quarterly dividend to 25 cents, up from 24 cents, alongside an additional buyback of $110 billion worth of shares.
Apple on Smartkarma
Analyst coverage on Apple from Smartkarma has been positive, with top independent analysts publishing insightful reports. Baptista Research‘s report on “Apple Inc.: An Impressive 2024 Lineup But What Does It Mean For Shareholders? – Major Drivers” highlights the company’s strong performance in Q1, with revenue reaching $119.6 billion and significant growth in emerging markets.
Additionally, Srinidhi Raghavendra‘s research, “2024 High Conviction: Apple’s AI Foray & Services to Power Its Journey to USD 4 Trillion Valuation,” predicts Apple’s rise to a market cap of $4 trillion in 2024 driven by iPhone15 outperformance, deepening services penetration, and AI features. This positive sentiment is echoed in Baptista Research‘s report on “Apple Inc.: China Revenue Growth & Market Dynamics!” which praises Apple for exceeding revenue and earnings expectations, particularly in iPhone revenue and Services segment growth.
A look at Apple Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 2 | |
| Growth | 4 | |
| Resilience | 3 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 2.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Analysts using Smartkarma Smart Scores indicate that Apple’s long-term outlook appears positive. With a strong score in Growth, the company is expected to see expansion and development in the foreseeable future. Additionally, Apple has scored well in Resilience and Momentum, suggesting that it can adapt to challenges and maintain its current trajectory.
While Apple’s Value and Dividend scores are moderate, the high scores in Growth, Resilience, and Momentum contribute to an optimistic outlook. As a leader in designing and marketing a wide range of consumer electronics and services, Apple is well-positioned to continue serving diverse markets and maintaining its innovative edge.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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