Document

Exhibit 99.1

Apple reports second quarter results

Services revenue reaches new all-time record

EPS sets March quarter record

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.

“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.”

“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”

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 will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plans for return of capital, the payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

Press Contact:

Josh Rosenstock

Apple

jrosenstock@apple.com

(408) 862-1142

Investor Relations Contact:

Suhasini Chandramouli

Apple

suhasini@apple.com

(408) 974-3123

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)


	Three Months Ended				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Net sales:
Products	$	66,886	$	73,929	$	163,344	$	170,317
Services	23,867		20,907		46,984		41,673
Total net sales (1)	90,753		94,836		210,328		211,990
Cost of sales:
Products	42,424		46,795		100,864		107,560
Services	6,058		6,065		12,338		12,122
Total cost of sales	48,482		52,860		113,202		119,682
Gross margin	42,271		41,976		97,126		92,308

Operating expenses:
Research and development	7,903		7,457		15,599		15,166
Selling, general and administrative	6,468		6,201		13,254		12,808
Total operating expenses	14,371		13,658		28,853		27,974

Operating income	27,900		28,318		68,273		64,334
Other income/(expense), net	158		64		108		(329)
Income before provision for income taxes	28,058		28,382		68,381		64,005
Provision for income taxes	4,422		4,222		10,829		9,847
Net income	$	23,636	$	24,160	$	57,552	$	54,158

Earnings per share:
Basic	$	1.53	$	1.53	$	3.72	$	3.42
Diluted	$	1.53	$	1.52	$	3.71	$	3.41
Shares used in computing earnings per share:
Basic	15,405,856		15,787,154		15,457,810		15,839,939
Diluted	15,464,709		15,847,050		15,520,675		15,901,384

(1) Net sales by reportable segment:
Americas	$	37,273	$	37,784	$	87,703	$	87,062
Europe	24,123		23,945		54,520		51,626
Greater China	16,372		17,812		37,191		41,717
Japan	6,262		7,176		14,029		13,931
Rest of Asia Pacific	6,723		8,119		16,885		17,654
Total net sales	$	90,753	$	94,836	$	210,328	$	211,990

(1) Net sales by category:
iPhone	$	45,963	$	51,334	$	115,665	$	117,109
Mac	7,451		7,168		15,231		14,903
iPad	5,559		6,670		12,582		16,066
Wearables, Home and Accessories	7,913		8,757		19,866		22,239
Services	23,867		20,907		46,984		41,673
Total net sales	$	90,753	$	94,836	$	210,328	$	211,990

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)


	March 30, 2024		September 30, 2023
ASSETS:
Current assets:
Cash and cash equivalents	$	32,695	$	29,965
Marketable securities	34,455		31,590
Accounts receivable, net	21,837		29,508
Vendor non-trade receivables	19,313		31,477
Inventories	6,232		6,331
Other current assets	13,884		14,695
Total current assets	128,416		143,566

Non-current assets:
Marketable securities	95,187		100,544
Property, plant and equipment, net	43,546		43,715
Other non-current assets	70,262		64,758
Total non-current assets	208,995		209,017
Total assets	$	337,411	$	352,583

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	45,753	$	62,611
Other current liabilities	57,298		58,829
Deferred revenue	8,012		8,061
Commercial paper	1,997		5,985
Term debt	10,762		9,822
Total current liabilities	123,822		145,308

Non-current liabilities:
Term debt	91,831		95,281
Other non-current liabilities	47,564		49,848
Total non-current liabilities	139,395		145,129
Total liabilities	263,217		290,437

Commitments and contingencies

Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively	78,815		73,812
Retained earnings/(Accumulated deficit)	4,339		(214)
Accumulated other comprehensive loss	(8,960)		(11,452)
Total shareholders’ equity	74,194		62,146
Total liabilities and shareholders’ equity	$	337,411	$	352,583

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)


	Six Months Ended
	March 30, 2024		April 1, 2023
Cash, cash equivalents and restricted cash, beginning balances	$	30,737	$	24,977

Operating activities:
Net income	57,552		54,158
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization	5,684		5,814
Share-based compensation expense	5,961		5,591

Other	(1,971)		(1,732)
Changes in operating assets and liabilities:
Accounts receivable, net	7,727		9,596
Vendor non-trade receivables	12,164		14,785
Inventories	53		(2,548)
Other current and non-current assets	(4,438)		(4,092)
Accounts payable	(16,710)		(20,764)
Other current and non-current liabilities	(3,437)		1,757
Cash generated by operating activities	62,585		62,565

Investing activities:
Purchases of marketable securities	(25,042)		(11,197)
Proceeds from maturities of marketable securities	27,462		17,124
Proceeds from sales of marketable securities	4,314		1,897
Payments for acquisition of property, plant and equipment	(4,388)		(6,703)

Other	(729)		(247)
Cash generated by investing activities	1,617		874

Financing activities:
Payments for taxes related to net share settlement of equity awards	(2,875)		(2,734)
Payments for dividends and dividend equivalents	(7,535)		(7,418)
Repurchases of common stock	(43,344)		(39,069)

Repayments of term debt	(3,150)		(3,651)
Repayments of commercial paper, net	(3,982)		(7,960)
Other	(132)		(455)
Cash used in financing activities	(61,018)		(61,287)

Increase in cash, cash equivalents and restricted cash	3,184		2,152
Cash, cash equivalents and restricted cash, ending balances	$	33,921	$	27,129

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	14,531	$	4,894