The iPhone 15 sells well, service hits new highs, but Apple tablets need a boost. The rumored next-generation iPad Pro could be just that.
Apple will unveil the Vision Pro headset, the company's most high-profile product launch since the original Apple Watch. Later this year, it will open up the App Store for iPhones (at least in the EU) in a new way, giving developers more freedom – even if some of them are already unhappy with Apple's approach. The company faces a huge moment, and before all this, Apple today announced its earnings for the first quarter of 2024. For now, the key question surrounding Apple's business remains the same: How is the iPhone performing?
As it turned out, not bad. This is the first full quarter of iPhone 15 sales, and Apple reported iPhone unit revenue of $69.7 billion. (Just a few weeks ago, Apple overtook Samsung to become the world's leader in smartphone shipments.) As a result, the market demand for the company's most ** phones is strong. Overall, Apple reported revenue of 1195$800 million, enough to beat Wall Street's expectations.
In a company press release, CEO Tim Cook said: "We are pleased to announce that we now have more than 2.2 billion active device installations, reaching an all-time high across all products and geographies. "As customers begin to experience the incredible Apple Vision Pro tomorrow, we remain as committed as ever to groundbreaking innovation – in line with our values and on behalf of our customers. ”
iPad revenue continued to decline at 70$200 million, down 25% year-over-year. 2023 is the first year since 2010 that Apple hasn't released any new iPad hardware, so the sluggish sales can be attributed to this. But the redesigned iPad Pro with an OLED display is rumored to be released as early as March, which could give Apple's high-end tablet business a much-needed revenue boost.
Wearables, home, and accessories generated a total revenue of $11.9 billion. Apple had to temporarily stop selling the Apple Watch Ultra Series 2 and Apple Watch Series 9 at the end of the holiday shopping season. This is the result of an import ban due to a patent dispute between the company and medical device manufacturer Masimo. Since then, Apple has disabled the blood oxygen sensor at the center of the battle through software, and the two smartwatches are back on store shelves. Apple's services business revenue reached a record high of $23.1 billion.