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Apple | 10-Q: Quarterly report

SEC announcement ·  May 3 18:02
Summary by Futu AI
Apple Inc. reported a mixed financial performance in its latest quarterly results. For the three months ended March 30, 2024, total net sales saw a decrease of 4% to $90.753 billion compared to $94.836 billion in the same period the previous year. Operating income for the quarter was $27.9 billion, a slight decrease from $28.318 billion year-on-year. Segment-wise, the Americas remained relatively flat, while Europe showed a modest increase. However, Greater China, Japan, and the Rest of Asia Pacific experienced declines in net sales. Product category performance varied, with iPhone sales down 10% and iPad sales down 17%, while Mac sales increased by 4%. Services continued to be a growth area, with a 14% increase in net sales. Gross margin percentage improved to 46.6% from 44.3% in the previous year...Show More
Apple Inc. reported a mixed financial performance in its latest quarterly results. For the three months ended March 30, 2024, total net sales saw a decrease of 4% to $90.753 billion compared to $94.836 billion in the same period the previous year. Operating income for the quarter was $27.9 billion, a slight decrease from $28.318 billion year-on-year. Segment-wise, the Americas remained relatively flat, while Europe showed a modest increase. However, Greater China, Japan, and the Rest of Asia Pacific experienced declines in net sales. Product category performance varied, with iPhone sales down 10% and iPad sales down 17%, while Mac sales increased by 4%. Services continued to be a growth area, with a 14% increase in net sales. Gross margin percentage improved to 46.6% from 44.3% in the previous year. Operating expenses as a percentage of total net sales increased slightly to 16% from 14%. The company also highlighted the launch of updated MacBook Air models during the quarter. Apple's forward-looking statements indicate potential impacts from macroeconomic conditions, including inflation and currency fluctuations, on future operations. The company's fiscal year 2024 spans 52 weeks, one week less than the previous fiscal year.

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