Apple posts quarterly revenue of $94.9 billion

Apple today announced financial results for its fiscal 2024 fourth quarter ended September 28, 2024, posting quarterly revenue of $94.9 billion, up 6 percent year over year, and quarterly diluted earnings per share of $0.97.

Total sales in the three months ended September 28 increased year over year to $94.9 billion, coming in slightly above Wall Street estimates of $94.6 billon. Sales of Apple’s iPhone grew by 5.4% to $46.2 billion, reversing two consecutive quarters of declining sales.

Apple released its new iPhone 16 series in September, meaning that only about one week’s worth of sales were included in the quarter’s results.

Apple CEO Tim Cook said on a conference call that iPhone sales set a September revenue record, with growth in every geographic segment.

“Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago,” said Tim Cook, Apple’s CEO.

“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.”

Apple’s net income decreased 35% from the year-ago period, at $14.7 billion, or 97 cents a share, due to a one-time tax charge “related to the impact of the reversal of the European General Court’s State Aid decision.” Excluding the charge, Apple said, its EPS would have been $1.64. Analysts had been expecting EPS of $1.60.

Mac computers managed a 1.3% increase in sales to $7.7 billion, while iPad sales grew by 7.8% to $6.9 billion.

The only Apple business category that declined in the quarter was the wearables, home, and accessory group, which includes the Apple Watch, AirPods, and the Apple VisionPro headset. Net sales for the unit fell 3% year over year to $9 billion.

“Our record business performance during the September quarter drove nearly $27 billion in operating cash flow, allowing us to return over $29 billion to our shareholders,” said Luca Maestri, Apple’s CFO.

“We are very pleased that our active installed base of devices reached a new all-time high across all products and all geographic segments, thanks to our high levels of customer satisfaction and loyalty.”

Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on November 14, 2024 to shareholders of record as of the close of business on November 11, 2024.