An Apple investor press release shared on Thursday revealed some interesting news about sales at Apple and included an exciting hint from Tim Cook about what's coming next.
The Apple CEO commented in a press release, "We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month."
Cook must be referring to the "Let Loose" event slated for May 7, Tuesday of next week. Based on Apple's own teasers and the rumors surrounding the event, there are a few exciting possibilities for what this new mystery product could be.
Here's a quick look at the highlights from the Apple earnings report and what we know so far about the new product Tim Cook hinted at.
Tim Cook hints at new product in Apple earnings report
On Thursday, May 2, 2024, Apple published its quarterly earnings report alongside a press release. The press release includes commentary from Apple CEO Tim Cook on the details of the earnings report, but the big highlight is a hint about an upcoming product reveal:
"We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month."
While an "exciting product announcement" could be almost anything, Cook's note that it's coming sometime next week greatly narrows down the possibilities for what this mystery product could be. Apple has a virtual event scheduled for May 7, which is expected to focus on the iPad and Apple Pencil.
With that in mind, there are a few products Tim Cook could be referring to. One is the long-awaited OLED iPad Pro. A major display upgrade for the iPad would be huge news, so it wouldn't be a surprise if Cook was trying to hype up the impending announcement during Thursday's earnings report. Some recent rumors even suggest the new iPad Pro could feature an Apple M4 chip, which would be the first time one of the new Apple Silicon chips debuted in a tablet rather than a laptop.
There's also a very strong possibility the "exciting product announcement" is a new Apple Pencil. Only a week before Apple's quarterly earnings report, Tim Cook took to X to get Apple fans excited for the event. His post included a promo GIF for the "Let Loose" event with the caption "Pencil us in for May 7! #AppleEvent."
Pencil us in for May 7! ✏️ #AppleEvent pic.twitter.com/1tvyB7h450April 23, 2024
The "Let Loose" event has a clear focus on art, so it would be no surprise if a redesigned Apple Pencil took center stage. Of course, it's also possible Apple has a wild card up its sleeve, such as a new standard iPad, a redesigned Magic Keyboard, or a completely new iPad accessory.
Highlights from Apple earnings report Q2 2024
Aside from Tim Cook's comment about an "exciting product announcement" coming next week, the other main highlight from Apple's investor press release was a new peak in active users.
Apple's active installed base of devices "reached a new all-time high" this quarter across all of Apple's product and geographic segments. That's an interesting result considering the company's quarterly revenue dropped 4% year-over-year. It could mean that a majority of people who purchased Apple gear last year is still using it in 2024, resulting in a higher active installed base of devices despite slightly lower revenue.
One detail that's curiously missing from the Q2 2024 Apple earnings report is details on Vision Pro sales. The consolidated financial statement has a category for "Wearables, Home and Accessories" but no dedicated category for the Vision Pro. Assuming the Vision Pro was lumped into the "Wearables" category, it's interesting that Apple reported lower revenue in that category for Q2 2024 compared to Q2 2023.
This data doesn't necessarily mean the Vision Pro didn't sell well, especially considering it only includes about 2 months of Vision Pro sales. However, it doesn't paint a rosy picture for Vision Pro sales either, so it may trigger some to ask how Apple will attempt to improve adoption for the headset in the weeks and months to come.
How to watch Apple's "Let Loose" event on May 7
If you can't wait to see what Tim Cook's "exciting product announcement" is, set a notification for May 7 at 7 a.m. PST/10 a.m. EST. Anyone can watch the virtual event for free, so just head over to the event page on the Apple website or Apple's official YouTube channel to see the live stream.
We'll be breaking down all of the biggest news and takeaways from the Q2 2024 Apple earnings report, investor call, and the upcoming "Let Loose" event, so make sure to stay tuned for more details, info, and insights.
