Apple published financial report
Apple released its second quarter financial report for fiscal year 2024. Revenue amounted to $90.75 billion, and net profit was — 23.636 billion dollars. They met market expectations.
iPhone revenue was $45.96 billion, down significantly from $51.334 billion in the same period last year. China revenue was $16.372 billion, down 8% from $17.812 billion in the same period last year.
The main reason — a sharp decline in iPhone sales in the Chinese market. According to Counterpoint Research, iPhone sales fell 19% in the first quarter, dropping to third place in the Chinese market, the worst quarterly performance since 2020.
The entire Chinese market is recovering, with overall growth of about 1.5%, with local brands such as Honor and Xiaomi leading the way. Huawei sales increased by almost 70%, the company is confidently regaining its position in the market.
In this regard, Apple CEO Cook said that China is «the most competitive market in the world», he is optimistic about the long-term development of the iPhone in the Chinese market and is not afraid of competitors.
Cook emphasized that the best-selling smartphones in China are the iPhone 15 and iPhone 15 Pro Max. He added that Apple continues to work hard on generative artificial intelligence.