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Wall Street unimpressed with Apple’s record Services revenue for fiscal Q1

Apple has just reported its earnings for the fiscal first quarter of 2024 and as usual, we will take a look at the company’s biggest business segment first, the iPhone. Revenue for the iPhone amounted to $69.70 billion for the quarter, a 6% increase from the $65.78 billion in gross generated by the iPhone during the same quarter last year. The figure topped Wall Street estimates of $67.82 billion.

It was another miserable quarter for the iPad as sales of the tablet have been declining since the end of the pandemic. In addition, Apple, for the first time since the first iPad was released in 2010, went a full year without releasing any new models. Revenue from the tablet was $7.02 billion during the fiscal first quarter of 2024 compared with the year-earlier $9.40 billion. That works out to a rather stunning 25% drop in revenue for the device. Wall Street was disappointed since analysts expected the iPad business to gross $7.33 billion for the quarter.

The Wearables, Home and Accessories segment, which includes AirPods, HomePods, and the Apple Watch, saw revenue for the fiscal first quarter decline 11.4% from $13.48 billion to $11.95 billion. Apple’s second-largest business unit, Services, the subject of much controversy over the so-called “Apple Tax,” reported a strong quarter with $23.12 billion in revenue, an all-time quarterly high. That was a hike of 11.3% from the $20.77 billion in revenue that Services generated during fiscal Q1 of 2023. The result, as strong as it was, fell below Wall Street expectations of $23.35 billion.

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