Apple Reports Mixed Q2 Results

Apple Inc. (NASDAQ: AAPL) reported its financial results for the second quarter of fiscal 2024 on May 3, 2024.

Revenue for the quarter came in at $90.75 billion, in line with market expectations. Net income was $23.64 billion. However, iPhone revenue declined to $45.96 billion from $51.33 billion in the same period a year ago.

In Greater China, revenue fell by 8% to $16.37 billion. This was primarily due to a decline in iPhone sales in the region. According to Counterpoint Research, iPhone sales in China dropped by 19% in the first quarter, with Apple's market share falling to third place for the first time since 2020.

However, the overall Chinese smartphone market showed signs of recovery, growing by approximately 1.5%. Local brands such as Honor and Xiaomi led the growth.

Meanwhile, Apple's former rival Huawei saw its sales increase by nearly 70%, indicating a gradual recovery in its market position.

Despite the challenges in China, Apple CEO Tim Cook remained optimistic about the iPhone's long-term prospects in the region. He stated that China is "the most competitive market in the world," but Apple is committed to its growth in the country.