In Q2 2024, Apple’s revenues grew 5% YoY, driven by both product and services segments. Products grew 2% YoY, recovering from a 10% decline in Q1, while services saw a 14% increase, making up 28% of total revenue. Despite a 1% decline in iPhone revenue, iPad and Mac showed growth, with iPads up 24% YoY due to refreshed models, and Macs up 2% YoY driven by the new M3-powered MacBook Air. However, Wearables, Home, and Accessories declined 2% YoY for the fourth consecutive quarter. Apple’s services segment continues to expand, poised to become a $100B per year segment by 2025, with potential growth from Apple Intelligence in the future.
