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.
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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
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