Net profit, on an adjusted basis, declined to $0.66 per share in the first quarter of 2024 from $1.16 per share in the corresponding period of last year but came in above analysts’ forecast. On an unadjusted basis, it was a net loss of $67 million or $0.08 per share in Q1, compared to a loss of $3.72 billion or $4.31 per share in the prior year period.
Net sales increased 10% year-over-year to $36.71 billion in the November quarter. Sales also exceeded estimates. The company maintained its fiscal 2024 adjusted EPS guidance in the $3.20 to $3.50 range.
