{"id":2236844,"date":"2024-05-03T19:00:02","date_gmt":"2024-05-03T23:00:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/apples-latest-quarterly-report-shows-that-not-even-tech-titans-are-immune-to-ravages-of-economy\/"},"modified":"2024-05-03T19:04:49","modified_gmt":"2024-05-03T23:04:49","slug":"apples-latest-quarterly-report-shows-that-not-even-tech-titans-are-immune-to-ravages-of-economy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/apples-latest-quarterly-report-shows-that-not-even-tech-titans-are-immune-to-ravages-of-economy\/","title":{"rendered":"Even Tech Titans Like Apple Feel Economic Impact: Latest Quarterly Report Reveals"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fapples-latest-quarterly-report-shows-that-not-even-tech-titans-are-immune-to-ravages-of-economy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2236844&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article discusses Apple&#8217;s recent quarterly \u2064report, revealing the impact\u2063 of the \u200beconomy on even <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/everything-that-is-wrong-with-fox-news-in-one-brit-hume-tweet\/\" title=\"Everything That Is Wrong with FOX News in One Brit Hume Tweet\u2026\">tech giants<\/a> like Apple. While Apple celebrated record revenue, details show declines in iPhone, \u2062iPad, and wearable revenues. Despite challenges, services revenue saw growth, highlighting the changing consumer preferences \u2064towards luxury devices and digital services. The article delves into Apple&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-mexico-says-its-not-tied-to-following-in-lockstep-with-u-s-fed-on-rate-hikes\/\" title=\"Bank of Mexico says it\u2019s not tied to following in lockstep with U.S. Fed on rate hikes\">latest quarterly report<\/a>, shedding light on how the economy affects tech giants like Apple. Despite Apple&#8217;s record revenue celebration, there were\u200b decreases in iPhone, iPad, and wearable revenues. However, there was\u200c growth in services revenue, indicating a shift in consumer preferences towards digital services over luxury devices.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/entertainment\/\">  Entertainment <\/a>  <\/p>\n<h2>Apple&#8217;s Latest Quarterly Report Shows That Not Even Tech Titans Are Immune to Ravages of Economy<\/h2>\n<p> <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/bchai\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/bchai\/%20\"><span>Bryan Chai<\/span><\/a> <\/span> <span>   May 3, 2024 at 1:39pm <\/span> <\/span>  <\/header>\n<section>\n<p>It should go without saying that the economy has been in rough shape, and everyday Americans are largely facing the brunt of that.<\/p>\n<p>And while it may come as little solace amid <a href=\"https:\/\/www.westernjournal.com\/bidenomics-five-cities-rent-continues-explode-impact-election\/\" target=\"_blank\" rel=\"noopener\">soaring rent<\/a>, <a href=\"https:\/\/www.westernjournal.com\/bidenomics-devastation-5500-store-closures-23-30-favorite-next\/\" target=\"_blank\" rel=\"noopener\">business closures<\/a>, and the general <a href=\"https:\/\/www.westernjournal.com\/bidenomics-inflation-killing-american-dream-100k-no-longer-enough-survive-states\/\" target=\"_blank\" rel=\"noopener\">struggle of day-to-day living<\/a>, Americans aren\u2019t alone in facing the brunt of economic hardships.<\/p>\n<p>In fact, even massive tech titans do not appear to be immune to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/corrupt-media-pollsters-are-using-dishonest-tactics-to-drag-america-into-war\/\" title=\"Corrupt Media Pollsters Are Using Dishonest Tactics To Drag America Into War\">current economic climate<\/a>, as observed by Apple\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/softbank-ceo-remorseful-after-record-23-4-billion-quarterly-loss\/\" title=\"SoftBank CEO \"Remorseful\" After Record .4 Billion Quarterly Loss\">latest quarterly earnings report<\/a>.<\/p>\n<p>Unsurprisingly, Apple largely boasted in its <a href=\"https:\/\/www.apple.com\/newsroom\/2024\/05\/apple-reports-second-quarter-results\/\" target=\"_blank\" rel=\"noopener\">news release<\/a> about the report, bragging about record revenue in certain areas.<\/p>\n<p>\u201cToday Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,\u201d said Apple CEO Tim Cook in the release. \u201cDuring the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks.<\/p>\n<p>\u201cWe\u2019re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month.<\/p>\n<p>\u201cAs always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.\u201d<\/p>\n<p>\u201cThanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,\u201d\u00a0 APPLE CFO Luca Maestri added in the release. \u201cGiven our confidence in Apple\u2019s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases.<\/p>\n<p>\u201cWe are also raising our quarterly dividend for the twelfth year in a row.\u201d<\/p>\n<div id=\"firefly-poll-container\">\n<p>Do you own any Apple products?<\/p>\n<\/p><\/div>\n<p>That all sounds fine and dandy, but Sr. Editor at The Verge, Tom Warren, broke down the raw numbers and removed all the corporate PR speak, and it certainly paints a less rosy picture.<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">Apple Q2 2024 earnings are out:<\/p>\n<p>\ud83d\udcf1 iPhone revenue down 10%<br \/> \ud83d\udcbb Mac revenue up 3.9%<br \/> \ud83d\udcd1 iPad revenue down 17%<br \/> \u231a wearable revenue down 10%<br \/> \u2601\ufe0f services revenue up 14%<\/p>\n<p>$90.8 billion in revenue overall, down 4% <a href=\"https:\/\/t.co\/tMo7xr7IYY\">pic.twitter.com\/tMo7xr7IYY<\/a><\/p>\n<p>\u2014 Tom Warren (@tomwarren) <a href=\"https:\/\/twitter.com\/tomwarren\/status\/1786135246771044847?\">May 2, 2024<\/a><\/p>\n<\/blockquote>\n<p>Per Warren\u2019s breakdown of the <a href=\"https:\/\/www.apple.com\/newsroom\/pdfs\/fy2024-q2\/FY24_Q2_Consolidated_Financial_Statements.pdf\" target=\"_blank\" rel=\"noopener\">raw numbers<\/a>, Apple took a particular hit across its popular line of iDevices.<\/p>\n<p>iPhone revenue fell 10 percent, as did \u201cwearable\u201d (Apple Watch) revenue.<\/p>\n<p>The biggest hit, however, came with Apple\u2019s premium tablet device, the iPad. That costly device\u2019s revenue fell a sharp 17 percent.<\/p>\n<p>Those figures track with the aforementioned struggles of everyday people, given that all of those iDevices are truly luxury items. Many people are deciding that they can do with a cheaper phone, and without a tablet or watch.<\/p>\n<p>In fairness, Apple\u2019s home computers saw an uptick in revenue, at 3.9 percent \u2014 though that too could perhaps be explained through the increasing prevalence of work-from-home options.<\/p>\n<p>But the big thing Apple appears to be hanging its hat on is its ballyhooed \u201cservices revenue,\u201d which would be money accrued from subscriptions to Apple TV+ or Apple Music or Apple Arcade, among a myriad number of other services the tech titan provides. The revenue from those services saw an increase of 14 percent.<\/p>\n<p>While Tim Cook may use buzz words like \u201call-time revenue record,\u201d as Warren and the original news release both note, at the end of the day, overall revenue fell four percent, to a still eye-watering $90.8 billion.<\/p>\n<p>Apple\u2019s peers in the tech space, particularly the <a href=\"https:\/\/www.westernjournal.com\/video-game-industry-woes-microsoft-axes-nearly-2000-jobs-69-billion-deal\/\" target=\"_blank\" rel=\"noopener\">video game industry<\/a>, have been hit hard by layoffs so far this year, as well.<\/p>\n<p>It\u2019s a grim scene, due in no small part to the ravages of the economy, and even industry conglomerates like Apple are clearly not immune to its effects.<\/p>\n<div id=\"author-info-44778\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/bchai\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44778\">Summary<\/label><label for=\"more-info-tab-radio-44778\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44778\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44778\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Bryan Chai has written news and sports for The Western Journal for more than five years and has produced more than 1,300 stories. He specializes in the NBA and NFL as well as politics.<\/p>\n<\/p><\/div>\n<div>\n<p>  Bryan Chai has written news and sports for The Western Journal for more than five years and has produced more than 1,300 stories. He specializes in the NBA and NFL as well as politics. He graduated with a BA in Creative Writing from the University of Arizona. He is an avid fan of sports, video games, politics and debate. <\/p>\n<p>  Birthplace <\/p>\n<p>  Hawaii <\/p>\n<p>  Education <\/p>\n<p>  Class of 2010 University of Arizona. BEAR DOWN. <\/p>\n<p>  Location <\/p>\n<p>  Phoenix, Arizona <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English, Korean <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  Sports, Entertainment, Science\/Tech <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apple&#8217;s recent quarterly report highlights the vulnerability of tech giants to economic challenges. Despite Apple&#8217;s strong presence, economic turmoil impacts all. The struggle is evident for everyday Americans bearing the burden of economic hardships<\/p>\n","protected":false},"author":2015,"featured_media":2236845,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/Apple-Logo-in-London.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2236844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/Apple-Logo-in-London.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2236844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2015"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2236844"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2236844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2236845"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2236844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2236844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2236844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}