Apple's Q2 2024 Earnings Call Takeaways

Apple today held its earnings call for the second fiscal quarter of 2024 (first calendar quarter), with Apple CEO Tim Cook and Apple CFO Luca Maestri providing us with some details on Apple's performance, Vision Pro sales, services growth, AI plans, and other topics.

Apple Logo Cash Feature Yellow
We've highlighted the most interesting takeaways from today's earnings call.

Next Week's Announcements

Apple CEO ‌Tim Cook‌ said Apple is prepping for "an exciting product announcement" that the company thinks "customers will love."

Generative AI

Apple CEO ‌Tim Cook‌ said that Apple is making "significant investments" in AI, and that it has some "very exciting things" to share with customers "soon."

Cook also said that he believes Apple has "advantages that will differentiate" the company, including Apple's hardware and software integration, Apple silicon with Neural Engine, and focus on privacy.

There's a "big opportunity" for generative AI across all of Apple's devices, and Cook said he is "extremely optimistic" about future consumer demand.

Digital Markets Act

Cook said that it's too early to determine the security risks and privacy implications of the changes that it has made to the app ecosystem in Europe. Apple is focused on complying while mitigating impacts to user privacy and security.

Vision Pro

Leading enterprise companies have been investing in Vision Pro, and Apple is seeing it used for things like aircraft engine maintenance, real-time collaboration for racing, and immersive kitchen design. Cook said that Apple "couldn't be more excited about the spatial computing opportunity in enterprise."

Services

Apple's services segment set a new all-time revenue record of $23.9 billion, up 14 percent from $20.9 billion in the year-ago quarter. Transacting accounts and paid accounts reached a new all-time high, with paid accounts and subscriptions showing double digit growth.

Apple has more than 1 billion paid subscriptions, more than double the number from four years ago.

Mac Sales

With the launch of new M3 MacBook Air models in March, Mac revenue saw growth, reaching $7.5 billion. Mac sales were at $7.17 billion in the year-ago quarter, for four percent growth.

iPad Sales

iPad revenue continued to drop with no new iPads released in 2024 as of yet. ‌iPad‌ revenue was at $5.6 billion, down 17 percent from $6.7 billion a year ago. ‌iPad‌ sales should see some improvement next quarter as Apple next week is planning to unveil new iPad Air and iPad Pro models.

Wearables

Wearables, Home and Accessories came in at $7.9 billion, down 10 percent compared to last year. Last year, Apple had launched the USB-C version of AirPods Pro, and there was a "difficult compare" this year.

June Quarter

Maestri said that Apple expects June quarter revenue to grow low single digits year-over-year, but Services is expected to grow double digits, as is ‌iPad‌ revenue.

Tags: AAPL, Earnings

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Top Rated Comments

coffeemilktea Avatar
18 months ago
So many people on MacRumors like to criticize Tim Cook, but the shares of Apple stock I bought think he's an okay guy. ?
Score: 17 Votes (Like | Disagree)
Abobrek Avatar
18 months ago
Not a good look for Apple Vision Pro when Tim is highlighting its’ use in enterprise. Magic Leap and HoloLens have gone this route, but both are TRUE AR. Apple has no clue how to market Apple Vision Pro at this point.
Score: 12 Votes (Like | Disagree)
TVreporter Avatar
18 months ago
Apple is doo…. Doing Ok!

Wish investors would really press Tim for more direct answers. His spin on Apple Vision Pro was skirting given how much they invested in the project.
Score: 11 Votes (Like | Disagree)
sunny5 Avatar
18 months ago

Vision Pro

Leading enterprise companies have been investing in Vision Pro, and Apple is seeing it used for things like aircraft engine maintenance, real-time collaboration for racing, and immersive kitchen design. Cook said that Apple "couldn't be more excited about the spatial computing opportunity in enterprise."
lol, Apple is not even mentioning how well they sold Vision Pro. Instead they are focusing on enterprise uses which they never advertised.
Score: 11 Votes (Like | Disagree)
lkrupp Avatar
18 months ago

Apple is doo…. Doing Ok!

Wish investors would really press Tim for more direct answers. His spin on Apple Vision Pro was skirting given how much they invested in the project.
You can always tell when Apple is doing well by counting the posts. When the news is good the critics keep quiet. When there’s a problem you’ll see 200-300 posts expounding on Apple’s failure.
Score: 10 Votes (Like | Disagree)
meson Avatar
18 months ago

That is one HARD pivot from consumer to enterprise in regard to Vision. It appears they understand that it’s a niche product that won’t break through in the broader consumer market.
And from a company that normally doesn't care about the enterprise market.

It's a nice bit of spin, but the outlandish price tag of the Vision Pro might be a sign that Apple is beginning to realize that they have pretty much tapped out the consumer market, and that enterprise revenue is the path forward for the next era of revenue increases.
Score: 9 Votes (Like | Disagree)