Apple reports first quarter results

Services revenue reaches new all-time record

EPS up 16 percent to new all-time high

Apple® today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year.

"Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services," said Tim Cook, Apple's CEO. "We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers."

"Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year," said Luca Maestri, Apple's CFO. "During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans."

Apple's board of directors has declared a cash dividend of $0.24 per share of the Company's common stock. The dividend is payable on February 15, 2024 to shareholders of record as of the close of business on February 12, 2024.

Based on the Company's fiscal calendar, the Company's fiscal 2024 first quarter had 13 weeks, while the Company's fiscal 2023 first quarter had 14 weeks.

Apple will provide live streaming of its Q1 2024 financial results conference call beginning at 2:00 p.m. PT on February 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company's quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company's business, reputation, results of operations, financial condition, and stock price is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple's five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple's more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or email Apple's Media Helpline at media.help@apple.com .


Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per-share amounts)

	Three Months Ended
	December 30, 2023			December 31, 2022
Net sales:
Products	$	96,458		$	96,388
Services		23,117			20,766
Total net sales ⁽¹⁾		119,575			117,154
Cost of sales:
Products		58,440			60,765
Services		6,280			6,057
Total cost of sales		64,720			66,822
Gross margin		54,855			50,332

Operating expenses:
Research and development		7,696			7,709
Selling, general and administrative		6,786			6,607
Total operating expenses		14,482			14,316

Operating income		40,373			36,016
Other income/(expense), net		(50	)		(393	)
Income before provision for income taxes		40,323			35,623
Provision for income taxes		6,407			5,625
Net income	$	33,916		$	29,998

Earnings per share:
Basic	$	2.19		$	1.89
Diluted	$	2.18		$	1.88
Shares used in computing earnings per share:
Basic		15,509,763			15,892,723
Diluted		15,576,641			15,955,718

⁽¹⁾ Net sales by reportable segment:
Americas	$	50,430		$	49,278
Europe		30,397			27,681
Greater China		20,819			23,905
Japan		7,767			6,755
Rest of Asia Pacific		10,162			9,535
Total net sales	$	119,575		$	117,154

⁽¹⁾ Net sales by category:
iPhone	$	69,702		$	65,775
Mac		7,780			7,735
iPad		7,023			9,396
Wearables, Home and Accessories		11,953			13,482
Services		23,117			20,766
Total net sales	$	119,575		$	117,154

Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value)

	December 30, 2023			September 30, 2023
ASSETS:
Current assets:
Cash and cash equivalents	$	40,760		$	29,965
Marketable securities		32,340			31,590
Accounts receivable, net		23,194			29,508
Vendor non-trade receivables		26,908			31,477
Inventories		6,511			6,331
Other current assets		13,979			14,695
Total current assets		143,692			143,566

Non-current assets:
Marketable securities		99,475			100,544
Property, plant and equipment, net		43,666			43,715
Other non-current assets		66,681			64,758
Total non-current assets		209,822			209,017
Total assets	$	353,514		$	352,583

LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable	$	58,146		$	62,611
Other current liabilities		54,611			58,829
Deferred revenue		8,264			8,061
Commercial paper		1,998			5,985
Term debt		10,954			9,822
Total current liabilities		133,973			145,308

Non-current liabilities:
Term debt		95,088			95,281
Other non-current liabilities		50,353			49,848
Total non-current liabilities		145,441			145,129
Total liabilities		279,414			290,437

Commitments and contingencies

Shareholders' equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,460,223 and 15,550,061 shares issued and outstanding, respectively		75,236			73,812
Retained earnings/(Accumulated deficit)		8,242			(214	)
Accumulated other comprehensive loss		(9,378	)		(11,452	)
Total shareholders' equity		74,100			62,146
Total liabilities and shareholders' equity	$	353,514		$	352,583

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Three Months Ended
	December 30, 2023			December 31, 2022
Cash, cash equivalents and restricted cash, beginning balances	$	30,737		$	24,977

Operating activities:
Net income		33,916			29,998
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization		2,848			2,916
Share-based compensation expense		2,997			2,905
Other		(989	)		(317	)
Changes in operating assets and liabilities:
Accounts receivable, net		6,555			4,275
Vendor non-trade receivables		4,569			2,320
Inventories		(137	)		(1,807	)
Other current and non-current assets		(1,457	)		(4,099	)
Accounts payable		(4,542	)		(6,075	)
Other current and non-current liabilities		(3,865	)		3,889
Cash generated by operating activities		39,895			34,005

Investing activities:
Purchases of marketable securities		(9,780	)		(5,153	)
Proceeds from maturities of marketable securities		13,046			7,127
Proceeds from sales of marketable securities		1,337			509
Payments for acquisition of property, plant and equipment		(2,392	)		(3,787	)
Other		(284	)		(141	)
Cash generated by/(used in) investing activities		1,927			(1,445	)

Financing activities:
Payments for taxes related to net share settlement of equity awards		(2,591	)		(2,316	)
Payments for dividends and dividend equivalents		(3,825	)		(3,768	)
Repurchases of common stock		(20,139	)		(19,475	)
Repayments of term debt		—			(1,401	)
Repayments of commercial paper, net		(3,984	)		(8,214	)
Other		(46	)		(389	)
Cash used in financing activities		(30,585	)		(35,563	)

Increase/(Decrease) in cash, cash equivalents and restricted cash		11,237			(3,003	)
Cash, cash equivalents and restricted cash, ending balances	$	41,974		$	21,974

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	7,255		$	828

View source version on businesswire.com: https://www.businesswire.com/news/home/20240201247551/en/

Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142

Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123

News Provided by Business Wire via QuoteMedia

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AAPL

Apple announces Chief Financial Officer transition

Apple® today announced that Chief Financial Officer Luca Maestri will transition from his role on January 1, 2025. Maestri will continue to lead the Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting to Apple CEO Tim Cook. As part of a planned succession, Kevan Parekh, Apple's Vice President of Financial Planning and Analysis, will become Chief Financial Officer and join the executive team.

"Luca has been an extraordinary partner in managing Apple for the long term. He has been instrumental in improving and driving the company's financial performance, engaging with shareholders, and instilling financial discipline across every part of Apple. We're fortunate that we will continue to benefit from the leadership and insight that have been the hallmark of his tenure at the company," said Tim Cook, Apple's CEO.

News Provided by Business Wire via QuoteMedia

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BlackBerry Extends Partnership with Leading Managed Security Services Provider to Ensure SMBs are Set Up for Cyber Success

BlackBerry Limited (NYSE: BB; TSX: BB) and Solutions Granted today announced an extended partnership, naming the leading cybersecurity services provider a Master Managed Security Services Provider (MSSP), enabling it to better scale and meet the growing demand for cybersecurity services among small and medium-sized businesses (SMBs).

"Solutions Granted has been honored as BlackBerry MSSP Partner of the Year for North America for five consecutive years and we're excited to take our partnership to the next level by crowning them as our top Master MSSP," said Adam Enterkin , Chief Revenue Officer, Americas, BlackBerry Cybersecurity. "BlackBerry is dedicated to increasing its focus on MSSP partners to ensure they're set up for success. Endpoints are proliferating, and so are the cyberattacks against them. Our extended partnership with Solutions Granted will help hundreds of small and mid-size businesses continuously adapt to an ever-changing threat landscape."

As a 'Master MSSP', Solutions Granted will be better positioned to help its own partners to deliver Managed Detection and Response (MDR) and other Managed Security Services to their mid-market and SMB clients. In partnership with BlackBerry and heavily leveraging the Cylance® AI-powered portfolio, Solutions Granted helps thousands of clients secure their environments and prevent attacks. By working with Solutions Granted, MSSPs and managed service providers (MSPs) can offer industry leading managed security, without making the significant investment of building out their own security operations center (SOC).

CylanceENDPOINT™ is among the solutions it helps managed service providers (MSPs) deploy to clients, either as individual managed services or integrated into a SOC-as-a-service offering.

"BlackBerry's support for our business model provides the flexibility we need to continue to meet customer demand and provide the best possible product support for their business needs," said Michael E. Crean , Chief Executive Officer, Solutions Granted. "We value the investment BlackBerry is making in our partnership and know this will go a long way in setting up our customers for success."

To learn more about BlackBerry MSSP Partners, visit blackberry.com/us/en/partners/mssp-partners .

About BlackBerry

BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including over 215M vehicles. Based in Waterloo, Ontario , the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint management, endpoint security, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.

BlackBerry. Intelligent Security. Everywhere.

For more information, visit BlackBerry.com and follow @BlackBerry.

Trademarks, including but not limited to BlackBerry and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved. All other trademarks are the property of their respective owners. BlackBerry is not responsible for any third-party products or services.

About Solutions Granted Inc.

Solutions Granted is a Master Managed Security Services Provider (Master MSSP). They offer cybersecurity solutions to North American MSPs and MSSPs and are committed to delivering solutions without requiring minimums, commitments, or long-term contracts. They proudly offer many security layers as well as a 24x7 U.S.-based Security Operations Center (SOC). Over the past several years, Solutions Granted has emerged as a clear leader in the channel, by winning countless awards including the CRN Security 100 list, Top 100 MSSP List, Top Global MSSP List, and BlackBerry MSSP Partner of the Year. Learn more at https://www.SolutionsGranted.com

Media Contacts:

BlackBerry Media Relations

+1 (519) 597-7273

mediarelations@BlackBerry.com

View original content to download multimedia: https://www.prnewswire.com/news-releases/blackberry-extends-partnership-with-leading-managed-security-services-provider-mssp-to-ensure-smbs-are-set-up-for-cyber-success-301803800.html

SOURCE BlackBerry Limited

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Mobile Investing in Australia

After lagging behind for a prolonged period, Australia's tech sector is ramping up at an accelerated pace. The tech sector is now equivalent to 8.5 percent of the country's GDP as of the end of 2021, an increase of 26 percent since the onset of COVID-19 through June 2021 and a massive 79 percent increase over the past five years. Tech contributes AU$167 billion to the Australian economy, trailing only the mining (AU$205 billion) and financial/insurance (AU$169 billion) sectors.

Australia's characteristically resilient economy — which had not experienced a recession in nearly 30 years prior to COVID-19 lockdowns — has provided a sturdy backdrop for its growing tech sector. The growth in the tech sector’s contribution to the GDP has outpaced average growth of other industries by more than 400 percent, a gain partly attributable to accelerated digital technology adoption during the pandemic.

This dramatic expansion is largely in response to Australia's need to catch up to the rest of the world and assert itself in the global tech marketplace. Should the tech sector continue to grow at its current rate it will eventually surpass the relative GDP contribution of the long dominant mining sector. This will also complete the process of bringing Australia more in line with other western economies such as the UK, and notably Canada, which is comparable to Australia in terms of its dominant mining and agricultural industries.

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Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per-share amounts)

	Three Months Ended					Nine Months Ended
	June 29, 2024		July 1, 2023			June 29, 2024		July 1, 2023
Net sales:
Products	$	61,564	$	60,584		$	224,908	$	230,901
Services		24,213		21,213			71,197		62,886
Total net sales ⁽¹⁾		85,777		81,797			296,105		293,787
Cost of sales:
Products		39,803		39,136			140,667		146,696
Services		6,296		6,248			18,634		18,370
Total cost of sales		46,099		45,384			159,301		165,066
Gross margin		39,678		36,413			136,804		128,721

Operating expenses:
Research and development		8,006		7,442			23,605		22,608
Selling, general and administrative		6,320		5,973			19,574		18,781
Total operating expenses		14,326		13,415			43,179		41,389

Operating income		25,352		22,998			93,625		87,332
Other income/(expense), net		142		(265	)		250		(594	)
Income before provision for income taxes		25,494		22,733			93,875		86,738
Provision for income taxes		4,046		2,852			14,875		12,699
Net income	$	21,448	$	19,881		$	79,000	$	74,039

Earnings per share:
Basic	$	1.40	$	1.27		$	5.13	$	4.69
Diluted	$	1.40	$	1.26		$	5.11	$	4.67
Shares used in computing earnings per share:
Basic		15,287,521		15,697,614			15,401,047		15,792,497
Diluted		15,348,175		15,775,021			15,463,175		15,859,263

⁽¹⁾ Net sales by reportable segment:
Americas	$	37,678	$	35,383		$	125,381	$	122,445
Europe		21,884		20,205			76,404		71,831
Greater China		14,728		15,758			51,919		57,475
Japan		5,097		4,821			19,126		18,752
Rest of Asia Pacific		6,390		5,630			23,275		23,284
Total net sales	$	85,777	$	81,797		$	296,105	$	293,787

⁽¹⁾ Net sales by category:
iPhone	$	39,296	$	39,669		$	154,961	$	156,778
Mac		7,009		6,840			22,240		21,743
iPad		7,162		5,791			19,744		21,857
Wearables, Home and Accessories		8,097		8,284			27,963		30,523
Services		24,213		21,213			71,197		62,886
Total net sales	$	85,777	$	81,797		$	296,105	$	293,787

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Nine Months Ended
	June 29, 2024			July 1, 2023
Cash, cash equivalents and restricted cash, beginning balances	$	30,737		$	24,977

Operating activities:
Net income		79,000			74,039
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization		8,534			8,866
Share-based compensation expense		8,830			8,208
Other		(1,964	)		(1,651	)
Changes in operating assets and liabilities:
Accounts receivable, net		6,697			7,609
Vendor non-trade receivables		11,100			13,111
Inventories		41			(2,570	)
Other current and non-current assets		(5,626	)		(4,863	)
Accounts payable		(15,171	)		(16,790	)
Other current and non-current liabilities		2			2,986
Cash generated by operating activities		91,443			88,945

Investing activities:
Purchases of marketable securities		(38,074	)		(20,956	)
Proceeds from maturities of marketable securities		39,838			27,857
Proceeds from sales of marketable securities		7,382			3,959
Payments for acquisition of property, plant and equipment		(6,539	)		(8,796	)
Other		(1,117	)		(753	)
Cash generated by investing activities		1,490			1,311

Financing activities:
Payments for taxes related to net share settlement of equity awards		(5,163	)		(5,119	)
Payments for dividends and dividend equivalents		(11,430	)		(11,267	)
Repurchases of common stock		(69,866	)		(56,547	)
Proceeds from issuance of term debt, net		—			5,228
Repayments of term debt		(7,400	)		(11,151	)
Repayments of commercial paper, net		(2,985	)		(5,971	)
Other		(191	)		(508	)
Cash used in financing activities		(97,035	)		(85,335	)

Increase/(Decrease) in cash, cash equivalents and restricted cash		(4,102	)		4,921
Cash, cash equivalents and restricted cash, ending balances	$	26,635		$	29,898

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	19,230		$	7,020

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