MacDailyNews presents live notes from Apple’s Q324 conference call

MacDailyNews presents live notes from Apple’s Q324 Conference Call with analysts starting at 2pm PT / 5pm ET today, August 1, 2024.

This stream is best experienced on an iPhone 7 or later, iPad (5th generation or later), or iPod touch (7th generation) using Safari on iOS 12 or later; or a Mac using Safari on macOS Mojave 10.14 or later. Streaming to your TV requires an AirPlay 2–capable device, or via AirPlay to an Apple TV (2nd generation or later) with the latest Apple TV software or tvOS. Other platforms may also be able to access the stream using recent versions of Chrome, Firefox, or Microsoft Edge (MSE, H.264, and AAC required).

Apple’s live conference call webcast will begin at 2pm PT / 5pm ET here.

Apple today posted quarterly revenue of $85.777 billion (vs. $81.797 billion YoY), up 5 percent year over year, and quarterly earnings per diluted share of $1.40 (vs. $1.26 YoY), up 11 percent year over year.

For the quarter, analysts’ consensus estimates (per LSEG) called for Apple to report revenue of $84.53 billion and EPS of $1.35, both of which Apple beat.

Live notes:

• The dividend is payable on August 15, 2024 to shareholders of record as of the close of business on August 12, 2024
• Apple’s board of directors has declared a cash dividend of $0.25 per share of the company’s common stock

• Tax rate of 16.5%
• Outlook for Q424: revenue to grow YoY at a rate similar to June quarter; Services to grow double-digits

• $53 billion net cash
• $101 billion total debt
• $153 billion in cash and marketable securities

• Luca touts enterprise adoption of Apple products

• AAPL After hours: $212.88, -$5.48 (-2.51%) @ 5:20 PM EDT

• Paid subscriptions: “well over one billion”
• Transacting and paid accounts both reached an all-time high
• Apple Services continues to grow
• Apple Watch U.S customer satisfaction: 97%
• Apple Watch: 2/3rds of buyer during the quarter were new to the product
• iPad U.S. customer satisfaction: 97%
• iPad installed base hit an all-time high in Q324
• Mac U.S customer satisfaction: 96%

• iPhone revenue: $39.296 billion
• Services revenue: $24.213 billion
• Wearables, Home and Accessories revenue: $8.097 billion
• Mac revenue: $7.009 billion
• iPad revenue: $7.162 billion

• AAPL After hours: $214.62, -$3.74 (-1.72%) @ 5:16 PM EDT

• 74.0% Services gross margin
• 35.3% Products gross margin
• 46.3% compnay gross margin
• $24.2 billion, up 14% YoY
• Installed base of active deivces reached an all-time high
• $61.6 billion revenue in products
• Apple CFO Luca Maestri: We’re very please to announce record revenue for June quarter

• Cook touts Apple’s commitment to renewable energy

• AAPL After hours: $216.20, -$2.16 (-0.99%) @ 5:13 PM EDT

• Everything Apple does is privacy-focused
• Cook touts accessibility; eye-tracking for iPhone and iPad and more

• Apple Vision Pro demos in Apple Retail stores are onging
• Retail: First-even Malaysia location opened in Q324

• Coming this fall: U.S. National Park hikes and other Apple Maps improvements
• Tap to Pay on Phone expanded to several new countries

• Cook touts Apple TV+ series and movies (including The Morning Show, Slow Horses, and Severance)
• Services revenue $24,213 billion

• Cook touts life saving features of Apple Watch
• Wearables, Home and Accessories revenue of $8.097 billion, down 2% YoY

• iPad revenue of $7.162 billion, up 24% YoY

• Cook: “Macs are the best personal computers for AI.”
• Mac revenue of $7.009 billion, up 2% YoY

• Cook touts iOS 18 and, again, Apple Intelligence
• iPhone: $39.3 billion, down 1% YoY. On a constant currency basis, iPhone grew YoY

• Cook touts Apple Vision Pro and new immersive content coming soon
• Apple will continue to invest strongly in AI
• Cook touts Apple Intelligence
• Cook: Q324 results are better than we expected
• Apple CEO Tim Cook: Apple is reporting new June quarter revenue and EPS records of $85.8 billion (up 5 percent year over year) and $1.40 (up 11 percent year over year), respectively

• Call begins.

• AAPL After hours: $219.89, +$1.53 (+0.70%) @ 4:56 PM EDT
• AAPL After hours: $219.21, +$0.85 (+0.39%) @ 4:42 PM EDT

The post MacDailyNews presents live notes from Apple’s Q324 conference call appeared first on MacDailyNews.