Apple posts surprisingly strong revenue on back of strong iPad sales
On Thursday, Apple reported an impressive 5 percent year-over-year growth with a quarterly revenue of $85.8 billion. The surprise performer this quarter was the iPad, which recorded its strongest non-holiday quarter since 2020 with more than $7 billion in sales.
The other standout was Apple’s Services division, which continues to grow every quarter. Services posted $24.2 billion in revenue, up slightly over last quarter and more than 10 percent over last year. Mac sales also grew slightly over the same quarter in 2023, topping $7 billion in sales. Elsewhere, the iPhone was essentially flat, tallying $39.3 billion in sales versus $39.7 billion last year. And Wearables, Home, and Accessories, which includes Vision Pro and the Apple Watch, was also down slightly, from $8.3 billion to $8.1 billion. Here’s how the quarter broke down:
iPhone: $39.3B (down 1 percent)
iPad: $8.1B (Up 24 percent)
Mac: $7B (Up 2 percent)
Wearables: $8.1B (Down 2 percent)
Services: $24.2B (Up 14 percent)
During the quarter, Apple released a new iPad Pro and iPad Air and dropped the price of the 10th-gen model. The new models clearly had an impact on sales, with all regions posting growth except China, which declined about 7 percent.
Apple will hold a conference call at 5 p.m. ET to discuss the results of the quarter. We will update this article with any interesting and relevant information.
