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Monday, July 15, 2024

Apple Posts $117.2B in Revenue With More Live Sports On Deck

  • Apple's net income reached nearly $30 billion.
  • Revenue declined 5.5% year-over-year to $117.5 billion.
Apple
Kiyoshi Mio-USA TODAY Sports

Apple recorded its largest annual quarterly revenue decline since September 2016, but it has live sports to look forward to in Q2.

The technology company reported $117.15 billion in first-quarter revenue, falling short of analysts’ estimates of $121.1 billion and marking a 5.5% year-over-year decline. Net income reached nearly $30 billion, a drop from $34.63 billion during the same period the year prior.

  • Apple’s products segment accounts for $96.39 billion of total net sales.
  • Services accounted for the other $20.8 billion.

Apple revealed that it now has 2 billion active devices — up from 1.8 billion last January — which CEO Tim Cook partially attributes to “a lot of first-time buyers in the case of the Apple Watch.”

Its wearables, home, and accessories segment, which includes the Apple Watch, brought in revenue of $13.48 billion.

Ready to Play

MLS Season Pass launched on the Apple TV app on Wednesday as part of the league’s 10-year deal — worth at least $2.5 billion — with Apple. The service will broadcast every live MLS regular-season match, the Audi MLS Cup Playoffs, and Leagues Cup. 

Apple secured a multiyear deal in September to sponsor the NFL’s new Super Bowl halftime show for an undisclosed amount.

In March, the company announced an exclusive deal with MLB for “Friday Night Baseball,” in which Apple TV+ exclusively airs a weekly MLB doubleheader.

Last month, it was reported that Apple was exploring a bid for U.K. media rights to the Premier League.

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