After four consecutive quarters of revenue declines, Apple bucked the trend and reported its first quarter of revenue growth today. In its earnings report for the first quarter of fiscal 2024, the company announced that its quarterly revenue was $119.6 billion, an increase of 2 percent compared to the same period last year.
Apple announces earnings report
Additionally, Apple CEO Tim Cook said the installed active device base now exceeds 2.2 billion, reaching an all-time high across all products and geographic segments. This quarter includes money from sales of the iPhone 15 series, which was introduced in September 2023 and has an obvious impact on performance.
“Today, Apple is reporting all-time record revenue growth from iPhone sales and Services for the December quarter,” Cook said. He noted that the company reached all-time revenue records in advertising, Cloud services, payment services and services. Cook outlined some updates to the Apple TV app, as well as TV+ content that has been nominated and won awards.