Summary by Moomoo AI
Apple Inc. reported a 2% increase in total net sales to $119.575 billion in the first quarter of 2024 compared to the same quarter in 2023. The Americas and Europe segments saw net sales growth of 2% and 10%, respectively, while Greater China experienced a 13% decline. Operating income rose to $40.373 billion, up from $36.016 billion in the previous year. The company's product launches, including updated MacBook Pro models and an iMac, contributed to the financial performance. iPhone sales increased by 6%, driving the net sales growth, while iPad and Wearables, Home and Accessories categories saw declines of 25% and 11%, respectively. Services net sales grew by 11%, attributed to higher sales from advertising, video, and cloud services. Gross margin improved to 45.9% from 43.0% year-over-year, with product gross margin at 39.4% and services at 72.8%. Apple's forward-looking statements indicate potential impacts of macroeconomic conditions on future operations, and the company acknowledges that gross margins may face volatility and downward pressure.