Apple CEO Tim Cook [left] and outgoing CFO Luca Maestri [right]
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Last updated 12 hours ago
Apple reported its fourth-quarter 2024 results with revenue of $94.93, beating Wall Street expectations, largely driven by iPhone sales.
In the final quarter of Apple's fiscal year, Thursday, Apple reported its results for the three-month period ending in late September. Like its year-end results, it was also an opportunity for Apple to report its full-year results.
In the fourth quarter, Apple reported revenue of $94.93 billion, up from the $89.5 billion it reported in Q4 2023. Earnings per share were also reported at $1.64.
The Wall Street consensus was calling for revenue of $94.4 billion and earnings per share of $1.55.
Apple's Q4 2024 Revenue and Net Income
iPhone revenue was $46.22 billion, up 5.5% from $43.8 billion in the same quarter last year. iPad sales totaled $6.95 billion, up 7.9 percent from $6.43 billion in the year-ago quarter, while Mac revenue rose to $7.74 billion this year from $7.6 billion a year ago, up 1.7 percent.
Services, a consistently reliable source of growth for the company, continued its upward trend from $22.3 billion in Q4 2023 to $24.7 billion this quarter, up 11.9%. Wearables, home, and accessories reached $9.04 billion, the only blemish in the numbers, as they were down 3% from $9.32 billion.
Product launches this quarter include the iPhone 16 lineup, AirPods Max with USB-C, Apple Watch Series 10, and a new black color for the Apple Watch Ultra 2. However, their launches will benefit Apple more in Q1 2025, as they were launched late in Q4.
Apple's Q4 2024 Product Category Revenue
Quarter three launches will have a bigger impact on Apple's financial results, as they will have a full quarter of sales to report. That includes the iPad Pro with M4, iPad Air with M2, and Apple Pencil Pro.
Apple's full-year 2024 results showed gross sales of $391 billion, up from $383.3 billion in 2023. Gross profit reached $180.7 billion, up from 2023.
Apple's Full-Year Revenue, Gross Profit, and Net Profit
The results and subsequent earnings call with analysts will be the last for CFO Luca Maestri and CEO Tim Cook. Maestri is stepping down in January and will be replaced by vice president of financial planning and analysis Kevan Parekh.
“Apple today reported another record September quarter revenue of $94.9 billion, up 6 percent from a year ago,” Cook said.
“Our record business performance in the September quarter generated nearly $27 billion in operating cash flow, enabling us to return more than $29 billion to our shareholders,” Maestri said.
The outgoing CFO continued, “We are thrilled that our active installed base reached new all-time highs across all products and all geographies, driven by strong customer satisfaction and loyalty.”
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