Apple, Inc. (NASDAQ: AAPL) recently disclosed its financial results for the first quarter of fiscal 2024, ending December 30, 2023. The Cupertino giant has witnessed impressive QoQ growth in their revenues across major markets, primarily driven by heightened demand for specific products and services during the holiday quarter. However, the yearly growth is concerning. Apple’s global revenue increased 2.1% YoY and 33.6% QoQ in Q1 FY24, amounting to $119.58 billion. A whopping 80.7% of that came from the sales of products such as iPhone, Mac, iPad, and Wearables, Home and Accessories.
It is important to note that Apple’s 2% yearly growth in revenue during fiscal Q1 2024 is a noteworthy achievement, especially considering it follows five consecutive quarters of decline.
Apple’s net profit also increased an outstanding 13.1% YoY and 47.7% QoQ to $33.92 billion during the same period. This exceptional profit growth can be attributed to the company’s effective management of expenses.
Now, let’s find out how much revenue Apple generated from iPhone sales and other products during the holiday quarter that ended on December 30, 2023.
Apple Revenue from iPhone and Others
The iPhone proved to be the primary revenue driver, constituting 58.3% of Apple’s total revenue in Q1 FY24. Sales of iPhones contributed $69.70 billion, showcasing a notable 6% YoY growth. Notably, the December quarter saw an outstanding 59.1% quarter-over-quarter (QoQ) surge in global iPhone sales.
- iPhone accounted for 58.3% of Apple’s overall revenue in Q1 FY24, solidifying its position as the company’s top revenue-generating product. Apple’s revenue from iPhone sales grew 6% YoY to $69.70 billion during the holiday quarter. What’s noteworthy is the outstanding 59.1% QoQ surge in global iPhone revenue in the December quarter.
- Apple’s revenue from Mac devices increased a modest 0.6% YoY and 2.2% QoQ during fiscal Q1 2024, amounting to $7.78 billion globally. However, Mac’s contribution to the company’s total revenue declined to just 6.5% during the quarter.
- Apple’s revenue from iPads has consistently been declining for the last few years. In Q1 FY24, iPad revenue declined a massive 25.3% YoY to $7.02 billion, representing 5.9% of the company’s total global revenue. However, the holiday quarter brought a surge in iPad sales, leading to a 9% QoQ growth in revenue.
- Apple’s global revenue from Wearables, Home and Accessories also declined a notable 11.3% YoY, to $11.95 billion during the first quarter of fiscal 2024. However, the holiday quarter helped boost demand for these products, resulting in an impressive 28.2% QoQ growth in revenue.
- Apple’s services revenue reached an all-time high of $23.12 billion worldwide during Q1 FY24. This achievement was accompanied by an impressive revenue growth of 11.3% YoY and a 3.6% QoQ. The services business accounted for 19.3% of Apple’s total revenue during the December quarter, cementing its status as a pivotal powerhouse in the company’s continued success.
“We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments,” said Tim Cook, Apple’s CEO.
Historic Milestone in US Market
America has always been the largest market for Apple, contributing 42.2% to the company’s global revenue during the December quarter of fiscal 2024. This is followed by Europe with 25.4%, Greater China with 17.4%, Japan with 6.5% and the rest of the APAC region with 8.5% during the quarter.
Interestingly, Apple achieved a historic milestone as revenue from the American region surpassed the $50 billion mark for the first time, reaching $50.43 billion in fiscal Q1 2024. The holiday quarter played a significant role in driving demand for Apple products, particularly iPhones and related accessories, in the United States and Canada. This surge resulted in an impressive 25.7% QoQ revenue growth, while the yearly revenue growth for the region stood at just 2.3%.
Similarly, other regions witnessed substantial double-digit growth in their Q1 FY24 revenues compared to the previous quarter. Noteworthy is Apple’s revenue from the Asia-Pacific (APAC) region, encompassing China, Japan, and others (such as India), where the QoQ growth reached 38%, 41.1%, and an impressive 60.5%, respectively, during the first quarter of FY 2024.
However, Apple has been facing significant challenges in Greater China, primarily due to stiff competition from Huawei in the smartphone market. This competition resulted in a significant 12.9% YoY decline in the company’s revenue from the region, amounting to $20.82 billion during the quarter.
