Apple Inc. reported a 4% increase in revenue for its first fiscal quarter, reaching $124.3 billion, but iPhone sales were down. The company’s iPhone 16 saw a slight decline in sales compared to the previous year, despite the introduction of its Apple Intelligence suite.
“Today Apple is reporting our best quarter ever, with revenue of $124.3 billion, up 4% from a year ago,” said Tim Cook, CEO of Apple. “We were thrilled to bring customers our best-ever lineup of products and services during the holiday season.”
Apple’s sales in China went down 12.9% or $18.51 billion, which is the biggest drop since the same quarter last year.
Apple’s Mac and iPad sales, however, grew compared to last year. Mac sales increased 15% to $8.98 billion, and iPad sales went up 15% to $8.08 billion. Apple introduced new Macs and an updated iPad Mini in the quarter, which helped boost sales.
“Our record revenue and strong operating margins drove EPS to a new all-time record with double-digit growth and allowed us to return over $30 billion to shareholders,” said Kevan Parekh, CFO, Apple.
Apple’s board of directors also announced a dividend of $0.25 per share, which will be paid on Feb. 13, 2025, to shareholders who own stock by Feb. 10.
Even though iPhone sales were lower than expected, Apple’s stock price rose about 3% after the company predicted more growth in the next quarter.