iPhone Sales Constitute Over 58% of Apple's Revenue in Q1 2024, Highest Levels Since Q1 2021

Apple’s flagship product line, iPhone sales, has once again taken the lead as the primary revenue driver for the tech giant. According to Stocklytics.com, the product generated $69.7 billion, or 58% of the company’s total revenue, in the first quarter of 2024. This marks the highest proportion of revenue attributed to iPhone sales since the first quarter of 2021.

Reflecting on the findings, Stocklytics Financial analyst Edith Reads emphasized:

Apple has sold billions of iPhones and raked in hundreds of billions of profit, on the strength of its iPhone 15 lineup, which includes devices capable of capturing three-dimensional video for the Vision Pro headset. This has transformed Apple’s flagship product line from a niche product for early adopters to a dominant economic force.

Stocklytics Financial Analyst, Edith Reads

Evolution of iPhone

Since its debut in 2007, the iPhone has emerged as a vital product for Apple, steadily claiming a growing share of its revenue. This success can be attributed to its unique blend of user-friendly design and status symbol appeal.

iPhone’s dominance reached a pinnacle in 2023, surpassing Samsung to become the most-used smartphone globally. Last year witnessed the shipment of 235 million iPhones worldwide, with an impressive 35% of all smartphone users opting for Apple’s flagship device. This surge significantly bolstered Apple’s overall sales revenue, pushing it to unprecedented levels.

To grasp the enormity of the iPhone’s impact, consider this: In the first quarter of 2009, its sales constituted a quarter of Apple’s total revenue. Fast forward to the first quarter of the financial year 2024, and this figure surged to an impressive 58%.

Apple’s CEO recently remarked, “iPhone revenue came in ahead of our expectations. We set all-time records in several countries and regions, including Latin America, Western Europe, the Middle East, and Korea, as well as December quarter records in India and Indonesia.

Apple shipped over 10 million iPhones in 2023 compared to 6 million in 2022.

Apple’s Diverse Product Range

While iPhone sales soared, Apple’s range of products continues to contribute significantly to its overall revenue stream. Services like AppleCare, iCloud App Store, Arcade, Fitness+, and Music demonstrated major growth in Q1 2024. This highlights Apple’s dedication to diversification and innovation. Services accounted for 19% of Apple’s revenue in the quarter, with a sales growth rate of 11.3% year over year – outpacing product divisions where sales remained relatively steady.