Apple has reported latest quarterly revenue of $94.9 billion, up 6% from a year ago and a new September quarter revenue record. It posted a net profit of $14.3 billion, down 37.8% YoY since it had to make a one-time payment of $10.2 billion to settle tax issues in the European Union.
The quarterly earnings per diluted share were $1.64, up 12.32% YoY for the financial year Q4 2024 that ended September 28, 2024.
During the earnings call, Apple CEO Tim Cook said that the company set a new September quarter segment revenue records in the Americas, Europe, and the rest of Asia Pacific as well as in numerous countries, including the United States, Brazil, Mexico, France, the U.K., Korea, Malaysia, Thailand, Saudi Arabia, and the UAE.
Apple CFO Luca Maestri said that in India, Apple set an all-time revenue record during the September quarter.
Tim Cook also confirmed that Apple will open four new stores to customers in India. Based on earlier reports, the stores will be opened in Bengaluru, Pune, and Delhi-NCR and will add one more outlet in Mumbai.
- Products revenue was $70 billion, up 4% from last year, driven by the growth in iPhone, iPad and Mac
- Installed base reached an all-time high across all geographic segments,
- Services revenue set an all-time record of $25 billion, up 12% year-over-year, with all-time records in both developed and emerging markets with double-digit growth and record results across most services categories
- iPhone revenue was $46.2 billion, up 6% year-over-year and a September quarter record in total and across several markets, including the U.S., the Middle East, Korea, and South Asia.
- iPhone was the top-selling model in the U.S., urban China, the U.K., Australia, and Japan
- iPad revenue was $7 billion, up 8% year-over-year
- iPad installed base reached another all-time high, and over half of the customers who purchased iPads during the quarter were new to the product
- In addition to growth in developed markets, iPad saw strong sales in many emerging markets with double-digit growth in Mexico, Brazil, the Middle East, India, and South Asia
- Mac generated $7.7 billion in revenue, up 2% year-over-year, driven by the strength in MacBook Air.
- The Mac installed base reached an all-time high, with about half of customers in the quarter being new to Mac.
- Wearables, Home and Accessories revenue was $9 billion, down 3% year-over-year
- Apple Watch installed base reached a new all-time high, with over half of customers purchasing an Apple Watch during the quarter being new to the product.
- Over 1 billion paid subscriptions across the services on our platform, more than double the number of paid subscriptions 4 years ago.
Speaking on Apple’s FY Q4 2024 earnings results, Apple CEO, Tim Cook, said,
Today, Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago. 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. And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season.