Summary created by Smart Answers AI
In summary:
- Macworld reports Apple achieved record Q2 2024 revenue of $111.2 billion, driven by strong performance across all product categories.
- iPhone sales surged 22% to nearly $57 billion, while Mac sales reached $8.4 billion and Services hit an all-time high of $31 billion.
- This milestone demonstrates Apple’s continued financial strength, with outgoing CEO Tim Cook expressing confidence in incoming CEO John Ternus.
If you thought Apple would show any signs of slowing down following its record-breaking Q1 results, you’d be mistaken. Apple on Thursday announced its Q2 earnings results, and they’re just as glittery as last quarter, with record revenue of $111.2 billion and strong showings for the iPhone and Mac.
Every category of Apple product saw growth over the year-ago quarter, with the iPhone hitting nearly $57 billion in sales, a whopping 22 percent increase over last year. This quarter saw the launch of the iPhone 17e, but it’s likely the bulk of the revenue is from higher-priced iPhone 17 Pro models.
Additionally, Apple hit another all-time Services high, with revenue of nearly $31 billion. Mac sales also grew from just under $8 billion last year to about $8.4 billion this year. Apple released the MacBook Neo in March and has faced supply constraints ever since its launch, so it likely does not play a significant role in this quarter. Outgoing CEO Tim Cook noted that Apple’s new laptop is “captivating customers all around the world.”
Additionally, Apple’s iPad sales grew to $6.9 billion from $6.4 billion and its Wearables line pulled in $7.9 billion compared to $7.5 billion a year ago.
During its conference call with investors, Cook addressed the coming CEO turnover to John Ternus, saying there is “no one I trust more on this planet to lead Apple.” John Ternus spoke on the call as well, repeating the oft-heard phrase that Apple has an “incredible roadmap ahead” and that this is “the most exciting time in my 25 year career at Apple.”
