Apple has released its financial results for the fourth quarter of fiscal 2024, ending September 28, showing a strong performance across its product and service segments, in particular led by the iPhone 16 series.
The company’s total revenue for the quarter reached a record $94.9 billion, a 6% increase compared to the same period in 2023, with diluted earnings per share at $0.97. Adjusted for a one-time European tax charge, earnings per share would have been $1.64.
Product sales, including iPhones, Macs, and iPads, amounted to $69.96 billion, while its services like App Store, iCloud, and Apple Music saw a significant boost, generating $24.97 billion, up from $22.31 billion last year.
“Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago,” said Tim Cook, Apple’s CEO in a statement. “During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection.”
Apple reported $43.8 billion in gross profit, with operating expenses, including R&D and administrative costs, rising to $14.3 billion. Apple’s operating income stood at $29.6 billion. The Americas remain Apple’s largest market, contributing $41.6 billion to quarterly sales, while Europe brought in $24.9 billion, followed by Greater China at $15 billion.
In a move benefiting shareholders, Apple announced a cash dividend of $0.25 per share, payable on November 14 to shareholders who hold stock by November 11.
Apple’s CFO Luca Maestri noted that the company returned over $29 billion to shareholders this quarter and reported nearly $27 billion in cash flow, which he credited to a high customer loyalty rate and record-high active devices worldwide.
Apple CEO Tim Cook told CNBC’s Steve Kovach that iPhone 15 sales outpaced those of the iPhone 14 during the same quarter last year, and demand for the new iPhone 16 is even stronger than the 15.
Cook also shared excitement about Apple Intelligence, the new AI system for iPhones and Macs, which began rolling out with the iOS 18.1 update this week. “We’re getting great feedback from both customers and developers,” he noted, adding an early insight: “In just three days, users are adopting iOS 18.1 at double the rate of last year’s 17.1 update.”
Apple’s Mac business saw a 2% annual increase this quarter, hitting $7.74 billion in revenue, boosted by back-to-school laptop sales. CEO Tim Cook told CNBC that the growth was largely due to strong demand for the updated MacBook Air, which launched with new chips in the spring.
We are still waiting for the MacBook Air to get M4 chips, which is said to happen in the spring of 2025.
The report showed that Apple’s cash and cash equivalents stand at approximately $29.9 billion, with total assets of $365 billion. Additionally, Apple is maintaining its investments in research, spending $31.4 billion over the past fiscal year, largely directed toward innovations in health features, privacy, and device performance.
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So much about the hype around Apple reducing orders and production of the iPhone 16s…
Those are called rumours. Unfortunately, there are some slower people around that hear a rumour and think it’s fact. They’ll even claim they heard it was a statement from Apple.
Sometimes, they’ll dismiss the rumours, once they’ve been proven wrong, as hype. Must be a difficult life being so gullible.