Apple is growing again. After a 2022-2023 financial year of decline in sales and a drop in profits, the company founded by Steve Jobs and directed by Tim Cook returns to the path of growth at the start of the 2023-2024 fiscal year. Apple recorded revenues of $119,575 million in the first quarter of its new fiscal year (held between October and December), 2% more than in the same period of the previous year. The company increased its profit by 13%, to $33,916 million.
The last fiscal year went from less to more, but it moved into negative territory. Sales fell 5% year-on-year in the first quarter of its fiscal year, the Christmas quarter, which accounts for the highest turnover. They then lost 3% year-on-year in the second, exceeding analysts' forecasts. And the decline in the third was 1.4%, cushioned by the recovery in demand in China. In the fourth quarter, sales decreased only 0.7%. Now, they are turning upward, although without recovering the levels of 2021.
The growth comes thanks to the iPhone, which strongly improves its sales, and despite the burden of China, where the American giant's business is in decline.
“Apple today announces revenue growth in the December quarter driven by iPhone sales, and an all-time record revenue in Services,” said Tim Cook, CEO of Apple, in a statement. “We are pleased to announce that our installed base of active devices has now exceeded 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are more committed than ever to pursuing breakthrough innovations, in line with our values and on behalf of our customers.”
“Our December quarter top-line performance, combined with margin expansion, drove an all-time record earnings per share of $2.18, up 16% from last year,” said Luca Maestri, Apple's chief financial officer. “During the quarter, we generated nearly $40 billion of operating cash flow and returned nearly $27 billion to our shareholders. “We are confident in our future and continue to make significant investments across our business to support our long-term growth plans,” he added.
Apple's board of directors has declared a cash dividend of $0.24 per share, payable on February 15 to shareholders of record as of the close of February 12.
The company is focused on the launch of its Vision Pro virtual reality glasses, which go on sale this Friday at a price of $3,499 plus taxes in the United States. To that amount we must add accessories such as a case, extra battery and others for a better experience. It is a risky bet by the company, which has developed hundreds of applications for the new gadget.
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