Apple Stock
Is Apple Stock Still A Good Investment?
On Thursday, May 2nd, 2024, tech giant Apple, Inc. (AAPL) announced results for its 2024 Q2 earnings period?
Apple’s quarterly revenue came in at $90.8 billion, down 4% year over year.
Not only that, but iPhone revenue came in at $45.9 billion in Q2, down 10% year-over-year.
Apple’s Segment Highlights
iPhone revenue came in at $45.9 billion in Q2, down 10% year-over-year.
Mac revenue was $7.45 billion in the quarter, up 3.9% year-over-year.
iPad revenue had $5.6 billion in quarterly income, down 17% year over year.
Apple’s wearables, home and accessories category, which includes AirPods, the Apple Watch and Vision Pro, saw revenue of $7.91 billion, down 9.6% year over year
However, Mac revenue was $7.45 billion in the quarter, up 3.9% year-over-year, and Apple’s services business set an all-time revenue record of $23.87 billion, up 14% year-over-year. Keep in mind that their service revenue is only rising because the company keeps raising its fees to the consumer.
In other news, Apple also announced a $110 billion share buyback and Apple’s board of directors increased the cash dividend by 4%. We’ve seen this trick before.
Apple’s lack of innovation over the last few years cause them to have to charge consumers more for its product in order to prop up their quarterly revenue. Instead the educated shareholder wants to see future sales connected to future AI initiatives.
This said, Wall Street is temporarily rewarding them for their historic $110 billion share buyback.
At this time I can not recommend Apple as a long-term investment.
3 Month Apple, Inc. (AAPL) Chart
Wealthy Investor TV: Episode 4
