"We believe in the transformative power and promise of AI...enrich users' lives and lead the world better than we found it." - Tim Cook
— Tim Cook
03Detailed Report
AAPL
Apple Inc
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
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Executive Summary
In Q2 2024, Apple Inc reported revenues of $90.8 billion, a decline of 4% year-over-year (YoY), highlighting the effects of competitive dynamics in the mobile market and foreign exchange headwinds. Despite a challenging environment, the company achieved an EPS of $1.53, a record for the March quarter, with strong growth in services, which rose 14% YoY to $23.9 billion. The decline in product revenues, particularly in iPhone, underscores the complexities of the current macroeconomic landscape, while the launch of Apple Vision Pro and innovations in generative AI reflect the company's commitment to future growth opportunities. As Apple navigates these challenges, maintaining a focus on its core strengths and addressing emerging market opportunities will be critical for sustained investor confidence.
### Analysis
Apple’s revenue performance was influenced primarily by a significant decrease in iPhone sales, which fell 10% YoY. In contrast, revenues from services showcased remarkable resilience, setting an all-time record, attributed to a growing active installed base and higher engagement levels. The gross margin improved sequentially due to favorable cost management despite challenges in product mix.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
90.75B
-4.31%
-24.10%
Gross Profit
42.27B
0.70%
-22.94%
Operating Income
27.90B
-1.48%
-30.89%
Net Income
23.64B
-2.17%
-30.31%
EPS
1.53
0.00%
-30.14%
Key Financial Ratios
Gross Profit Margin
Good
46.60%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Excellent
30.70%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
26.00%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Fair
7.01%
Return on assets is acceptable but below top-tier companies
Return on Equity
Strong
31.90%
Return on equity demonstrates excellent capital efficiency and value creation
Current Ratio
Adequate
1.04
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
1.41
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Growth
27.94x
Elevated P/E suggests growth expectations or premium valuation
Price to Book
High Premium
35.61x
Very high premium suggests asset-light business model or lofty expectations
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