Apple’s first quarter results have broken its all time records with the company posting revenue of $143.8 billion USD and a net quarterly profit of $42.1 billion USD.
Its quarterly at the same time last year was $124.3 billion USD and net quarterly profit of $36.3 billion USD.
The gross margin is at 48.2 percent up from 46.9 percent in the Q1 last year.
Apple predicts year-over-year revenue growth of 13 percent to 16 percent with gross margins to land between 48 and 49 percent.
There were some key takeaways from the company’s livestreamed conference call.
iPhone is clearly the company’s heavy hitter. Revenue rose a staggering 23 percent to $85.3 billion year over year – though this could be down to lukewarm reception of the iterative iPhone 16.
Mac revenue is down slightly with a 7 percent fall to $8.4 billion USD. M4 models launched early last year, so a fall is not unexpected. However, nearly half of customers who purchased one were new to the product line.
iPad revenue is up 6 percent year on year to $8.6 billion USD.
Wearables, Home, and Accessories are steady with a minor 2 percent downturn to $11.5 billion USD.
The company’s service revenue is up 14 percent to $30 billion USD – this means subscription services like Apple News+, Apple Fitness+, and others.
Apple puts a significant part of its success down to its competitive advantage of vertical integration of Apple Silicon processors.
Apple continues to see strong consumer demand while maintaining a limited and cautious approach towards AI features.
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