Apple announced its financial results for Q3 2024, which ended June 29. The tech giant reported quarterly revenue of $85.8 billion, which marked a 5% year-over-year increase. Earnings per diluted share came in at $1.40, up 11% compared to the same period last year.
The company’s performance exceeded analyst expectations. iPhone sales showed a modest decline but were offset by strong growth in other product categories. The iPad segment experienced a remarkable 23.63% year-over-year surge, driven by the launch of new iPad Pro and iPad Air models.
Services, Apple’s consistent growth engine, continued to perform exceptionally well, with a 14.14% increase in revenue. On the other hand, the company faced challenges in the Chinese market, with net sales declining by 6.54% year over year.
- Revenue: $85.78 billion, a 4.87% increase year-over-year.
- Net Income: $21.45 billion, a 7.89% increase year-over-year.
- Earnings Per Share: $1.40, setting a new June quarter record.
- iPhone: Slight decline of 0.94% year-over-year.
- Mac: Growth of 2.46% year-over-year.
- iPad: Significant growth of 23.63% year-over-year, driven by new iPad Pro and iPad Air models.
- Wearables, Home, and Accessories: Decline of 2.26% year-over-year.
- Services: Strong growth of 14.14% year-over-year.
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.
Said Tim Cook, Apple’s CEO
Despite the headwinds in China, Apple’s overall financial health remains robust. What’s your take on Apple’s numbers in Q3 2024?
More here.