Apple beats by $0.02, reports revs in-line; iPhone revenue slightly below ests; raises dividend 4%; authorized $110 bln share repurchase program; guidance color will be provided on call (173.03 +3.73)
- Reports Q2 (Mar) earnings of $1.53 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $1.51; revenues fell 4.3% year/year to $90.75 bln vs the $90.37 bln FactSet Consensus.
- Co reports Q2 iPhone revenue of $45.963 bln vs. $46.4 bln ests and $51.3 bln last year.
- Co reports Q2 Mac revenue of $7.45 bln vs. $7.17 bln last year.
- Co reports Q2 iPad revenue of $5.56 bln vs. $6.67 bln last year.
- Co reports Q2 wearables revenue of $7.913 bln vs. $8.757 bln last year.
- Co reports Q2 China revenues of $16.4 bln vs. $17.8 bln last year.
- Apple's board of directors has declared a cash dividend of $0.25 per share of the Company's common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company's common stock.
- Apple CEO Tim Cook told CNBC that he expects Q3 (Jun) revenue will be up low single digits, but it wasn't specified if that was sequential or yr/yr. There will be more color provided on the call.
- Mr. Cook said that the DOJ lawsuit is "misguided" and Apple will fight it. He says there will be more to come on artificial intelligence.
- "Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services," said Tim Cook, Apple's CEO. "During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We're also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us."