The Latest Quarter of Apple: Overall Revenue Grows by 6%, iPhone Revenue Up by 6%, Services Establish New Records in Another Quarter

Apple has reported its financial results for the quarter ending in September 2024, with revenue of $94.93 billion, a 6% increase from the same period last year. This quarter saw revenue from the sale of 16 iPhones, although net profit decreased by 36% to $14.736 billion due to a one-time expense, specifically a retroactive tax payment in Europe of approximately $10 billion as per the September announcement.

iPhone revenue increased by 6% to $46.222 billion, with CEO Tim Cook telling CNBC that the iPhone business trends continue to show strong growth, with iPhone 15 sales higher than iPhone 14 and iPhone 16 performing better than iPhone 15. Additionally, Apple Intelligence’s response has been high, with users updating to iOS 18.1 doubling within the first 3 days compared to iOS 17.1 last year.

The figures for other Apple business segments are as follows: iPad revenue at $6.95 billion (up 8%), Mac revenue at $7.744 billion (up 2%), Services revenue at $24.972 billion (up 12%), and Wearable, Home, Accessories revenue down 3% to $9.042 billion.

Revenue growth across all segments was positive except in Greater China, which came close to the previous year at $15.033 billion. Cook mentioned that this growth hit record highs in many countries, including the Americas and Europe.

Despite the overall decrease in Wearable segment revenue, Apple Watch activations hit a record high in the past quarter. In the Services business, there were record highs in both the number of accounts and transaction volume, with an equal number of accounts purchasing subscriptions as 4 years ago.

In this quarter’s earnings report, Luca Maestri served as CFO for the last time, with Kevan Parekh announced as the incoming CFO as previously stated.
Source: Apple, MacRumors, and CNBC

TLDR: Apple’s Q3 2024 financial report shows increased revenue from iPhone sales, although net profit decreased due to a one-time expense. Other business segments saw revenue growth except for Wearable, Home, Accessories. Despite challenges in Greater China, Apple experienced record revenue highs in various regions. Luca Maestri transitioned out as CFO, and Kevan Parekh steps into the role.