Apple beats Q2 estimates, as iPhone sales decline 10%
Posted: May 02, 2024
- Apple (AAPL) reported second quarter results with sales falling less than feared and profits exceeding estimates - Apple's Greater China revenue declined 8% but was better than expected at $16.37 billion - iPhone revenue was down to $45.96 billion from $51.33 billion - Overall, Apple reported EPS of $1.53 on revenue of $90.8 billion, beating analyst estimates - Company authorized an additional $110 billion for share repurchases and increased dividend to $0.25 per share - Apple is dealing with challenges in China from resurgent Huawei and a slowing economy - Mac revenue exceeded expectations at $7.45 billion, while iPad revenue fell short at $5.55 billion - Wearables revenue, including AirPods, Apple Watch, and Vision Pro, came in at $7.91 billion - Services revenue hit an all-time high of $23.87 billion - Apple is investing in generative AI technologies and plans to integrate it into products at WWDC in June - Despite a decline in iPhone sales, Apple has the opportunity to drive sales with generative AI offerings - Apple is looking to partner with OpenAI, Google, and others to enhance its AI offerings.
Summarized top reddit comments: - Apple is buying back $110 billion of stock, increasing value - Speculation on Apple stock performance in the future, some predicting decline - Mention of possible impact of decline in iPhone sales on Apple ecosystem - Speculation on future iPhone models and potential impact on customer loyalty - Excitement over potential profit from stock investment strategy
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