Apple CEO Tim Cook
Apple’s third-quarter financial results have improved considerably compared to 2023, with sales figures across every aspect of the company beating Wall Street expectations.
Apple has disclosed its quarterly financial results for Q3 2024, and it has beaten expectations by a considerable margin. Typically the quietest quarter in the year, the figures have been buoyed by the prospect of Apple Intelligence, among other inbound changes this fall.
The figures landed ahead of the usual conference call with investors and analysts, hosted by CEO Tim Cook and CFO Luca Maestri. The pair are anticipated to offer more detail about the numbers and its global business.
For the third quarter, Apple’s revenue hit $85.78 billion, up from the $81.80 billion it reported for the same quarter one year ago in Q3 2023 and beating Wall Street expectations of $84.54 billion. The earnings per share of $1.40 is up from the year-ago $1.26.
Apple quarterly revenue and net profit
In the quarter, iPhone brought in $39.3 billion, down from $39.67 billion this time last year,, but beating Wall Street’s guess of $38.81 billion. Meanwhile iPad at $7.16 billion is up from $5.79 billion one year ago, as well as Wall Street’s $6.61 billion forecast.
Apple’s quarterly iPhone revenue
Mac revenue moved from $6.84 billion in Q3 2023 to $7.01 billion, narrowly short of Wall Street’s oddly close $7.02 billion estimate.
Apple’s unit revenue for Q3 2024
Wearables, Home, and Accessories saw a shift down from $8.28 billion in the year-ago quarter to $8.09 billion. Services continued its growth, moving to $24.2 billion from $21.21 billion in Q3 2023, also beating Wall Street’s $24.01 billion estimate.
Year-on-year percentage change in revenue and net profit
“During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac.,” said Tim Cook.
He continued “We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers’ lives, while leading with the values that drive our work.”
Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock.