Apple has reported its financial performance for the quarter ending June 29, 2024, with a total net sales increase of 5% to $85.8 billion compared to $81.8 billion in the same quarter of the previous year. The company's operating income also rose to $25.4 billion, up from $23 billion, marking a positive trend in profitability. Segment-wise, the Americas and Europe experienced growth in net sales, attributed mainly to higher sales of Services and iPad. However, Greater China saw a decrease in net sales, primarily due to lower iPhone sales. The company's product updates during the quarter included the iPad Air, iPad Pro, and various operating system upgrades, along with the announcement of Apple Intelligence, a new personal intelligence system. Despite macroeconomic challenges, including currency...Show More

Apple has reported its financial performance for the quarter ending June 29, 2024, with a total net sales increase of 5% to $85.8 billion compared to $81.8 billion in the same quarter of the previous year. The company's operating income also rose to $25.4 billion, up from $23 billion, marking a positive trend in profitability. Segment-wise, the Americas and Europe experienced growth in net sales, attributed mainly to higher sales of Services and iPad. However, Greater China saw a decrease in net sales, primarily due to lower iPhone sales. The company's product updates during the quarter included the iPad Air, iPad Pro, and various operating system upgrades, along with the announcement of Apple Intelligence, a new personal intelligence system. Despite macroeconomic challenges, including currency fluctuations and inflation, Apple's Services sector showed robust growth, with a 14% increase in net sales for the quarter and a 13% increase for the nine-month period. The gross margin percentage for the quarter improved to 46.3% from 44.5% in the previous year, with Services gross margin percentage reaching 74%. Operating expenses saw an increase, with research and development costs rising due to higher headcount-related expenses. Looking ahead, Apple's forward-looking statements indicate a cautious approach due to potential impacts from macroeconomic conditions, although specific future plans were not disclosed in the report.