Apple Earnings Beat Estimates, China Sales Slowdown Drags Stock

By
Mrinalini Krishna
Mrinalini Krishna
Full Bio

Mrinalini Krishna is the Senior Editor of investing news at Investopedia. She's been a journalist for more than 10 years covering business, personal finance, and investing news.

Learn about our editorial policies
Published February 01, 2024
Apple's 2022 Annual Fall Event

BRITTANY HOSEA-SMALL / Contributor / Getty Images

Key Takeaways

  • Apple's first quarter fiscal year 2024 earnings and revenue beat analyst expectations.
  • Net income grew to $33.92 billion, or $2.18 per diluted share.
  • Revenue rose 2% to $119.58 billion.
  • While iPhone sales and services revenue rose, there was a slowdown in sales from the Greater China region.

Apple Inc.'s (AAPL) first-quarter fiscal 2024 earnings and revenue exceeded analyst expectations. The company's shares slipped roughly 2% in after-hours trading as China slowdown concerns deepened.

Net income grew double-digits to $33.92 billion, or $2.18 per diluted share. Analyst had projected net income of $32.56 billion or $2.09 per diluted share.

The tech giant's revenue rose 2% to a better-than-expected $119.58 billion, driven by record services revenue and a near 6% iPhone sales growth. However, the company saw a roughly 13% decline in sales in the Greater China region, even as revenue ticked up for all other geographies.

Q1 FY2024 Analyst Estimates for Q1 FY2024 Q1 FY2023 Year-over-year% change
Revenue $119.58 billion $117.97 billion $117.15 billion 2%
(Diluted) Earnings Per Share $2.18 $2.09 $1.88 15.9%
Net Income $33.92 billion $32.56 billion $30 billion 13%
Do you have a news tip for Investopedia reporters? Please email us at
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Apple. "Apple reports first quarter results."

  2. Apple. "Condensed Consolidated Statements Of Operations (Unaudited)."

Take the Next Step to Invest
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.