Apple has reported latest quarterly revenue of $85.8 billion, up 5% from a year ago, better than it had expected, despite 230 basis points of negative foreign exchange impact.
It posted a net profit of $21.4 billion, up 7.53% YoY and quarterly earnings per diluted share of $1.4, up 11% YoY for the financial year Q3 2024 that ended June 29, 2024.
During the earnings call, Apple CEO Tim Cook said that the company set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand. It also set an all-time revenue record in services, which grew 14%.
- Products revenue was $61.6 billion, up 2% from last year, driven by the launch of the new iPad Pro and iPad Air.
- Installed base reached an all-time high across all geographic segments, driven by unmatched levels of customer satisfaction and loyalty and a large number of customers who are new to Apple products.
- Services revenue set an all-time record of $24.2 billion, up 14% year-over-year, with an all-time record in developed markets and a June quarter record in emerging markets.
- All-time Services revenue records in Americas and Europe and June quarter records in Greater China and rest of Asia Pacific.
- iPhone revenue was $39.3 billion, down 1% year-over-year but grew on a constant currency basis.
- iPhone revenue set June quarter records across several countries, including the UK, Spain, Poland, Mexico, Indonesia, and the Philippines.
- iPhone Active installed base grew to a new all-time high in total and in every geographic segment.
- iPad revenue was $7.2 billion, up 24.1% year-over-year, driven by the launch of the new iPad Pro and iPad Air.
- Mac generated $7 billion in revenue, up 2% year-over-year, driven by the MacBook Air powered by the M3 chip. Strong performance in emerging markets, with June quarter records for Mac in Latin America, India, and South Asia. The Mac installed base reached an all-time high, with half of MacBook Air customers in the quarter being new to Mac.
- Wearables, Home and Accessories revenue was $8.1 billion, down 2.3% year-over-year
- Watch and AirPods continue to face a difficult compare against prior year launches of the AirPods Pro second generation, the Watch SE and the first Watch Ultra.
- Over 1 billion paid subscriptions across the services on our platform, nearly double the number of paid subscriptions 4 years ago.
Speaking on Apple’s FY Q3 2024 earnings results, Apple CEO, Tim Cook, said,
Today, Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago. 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. 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.