Company news: Apple’s (AAPL) quarterly results beat analysts’ estimates

Apple (AAPL) reported Q1 FY2024 earnings of $2.18 per share (versus $1.88 per share in Q1 FY2023), beating analysts’ consensus estimate of $2.10 per share.

The company’s quarterly revenues amounted to $119.600 bln (+2.1% y/y), beating analysts’ consensus estimate of $117.987 bln.

The company noted its Q1 FY2024 iPhone revenues were $69.7 bln (versus analysts’ consensus estimate of $67.9 bln and $65.8 bln in Q1 FY2023), while its Q1 FY2024 services revenues were $23.2 bln (versus analysts’ consensus estimate of $22.5 bln and $20.8 bln in Q1 FY2023). Apple's Q1 FY2024 China revenues were $20.8 bln, down 13.1% y/y.

The company also announced it sees Q2 FY2024 total revenues and iPhone revenues similar to a year ago and Q2 FY2024 services revenues growth rate as Q1 FY2024 (+11.6% y/y). In Q2 FY2023, Apple's actual revenues were $94.8 bln. Analysts’ consensus estimate for Q2 FY2024 is $95.6 bln.

AAPL fell to $$181.60 (-2.81%) in pre-market trading.