Apple today announced financial results for the second fiscal quarter of 2024, which corresponds to the first calendar quarter of the year.

For the quarter, Apple posted revenue of $90.8 billion and net quarterly profit of $23.6 billion, or $1.53 per diluted share, compared to revenue of $94.8 billion and net quarterly profit of $24.1 billion, or $1.52 per diluted share, in the year-ago quarter. Apple set an all-time quarterly record for Services revenue at $23.9 billion, but iPhone revenue dropped by over $5 billion compared to the year-ago quarter.

Gross margin for the quarter was 46.6 percent, compared to 44.3 percent in the year-ago quarter. Apple’s board of directors also authorized an additional $110 billion for share repurchases and declared an increased dividend payment of $0.25 per share, up from $0.24 per share. The dividend is payable May 16 to shareholders of record as of May 13.

“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world…”