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CEO Tim Cook reported that the tech giant saw a new record for the June quarter revenue which was up by 5 per cent at $85.8 billion, from a year ago. He also highlighted the company’s ongoing investment in innovation in cutting-edge technology like AI read more
 "Apple sees exponential growth in 2024 Q3, India plays a major role as iPhone, Mac sales boom")
Apple CEO Tim Cook. Image Credit: Reuters
Apple has reported its financial results for the third quarter of 2024, significantly surpassing Wall Street’s expectations. This period, traditionally the quietest for the company, saw a notable increase in revenue, driven in part by anticipation for upcoming innovations like Apple Intelligence.
The financial figures were released ahead of a conference call with CEO Tim Cook and Luca Maestri, Senior Vice President and Chief Financial Officer, who shared some insights about Apple’s financial performance.
At the conference, CEO Tim Cook reported that the tech giant saw a new record for the June quarter revenue which was up by 5 per cent at $85.8 billion, from a year ago.
“We set quarterly revenue records in more various countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand,” he added. Apple set an all-time revenue record in services, which grew 14 per cent.
CFO Luca Maestri explained that Mac generated $7 billion in revenue, which was up 2 per cent year-over-year and mainly driven by the M3 MacBook Air. “We saw solid performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia,” Maestri added.
Record revenue from different segments
For the fiscal quarter ending June 29, 2024, Apple posted a revenue of $85.8 billion, marking a 5 per cent year-over-year increase.
Despite a slight dip in iPhone revenue, which totalled $39.3 billion compared to $39.67 billion in the same period last year, Apple still exceeded Wall Street’s projection of $38.81 billion.
iPad sales saw a significant boost, rising from $5.79 billion last year to $7.16 billion, well above the forecasted $6.61 billion.
Mac revenue increased slightly to $7.01 billion, just shy of Wall Street’s $7.02 billion estimate, driven by strong performance in emerging markets and the popularity of the M3-powered MacBook Air.
Meanwhile, the Wearables, Home, and Accessories category experienced a slight decline, falling to $8.09 billion from $8.28 billion in the previous year.
Services and Future Innovations
The Services segment continued to demonstrate robust growth, achieving a revenue of $24.21 billion, a 14.14 per cent increase from the previous year and surpassing Wall Street’s $24.01 billion estimate. This marked an all-time revenue record for Apple’s Services division, underscoring the company’s successful expansion in this area.
During the quarter, Apple made significant announcements at the Worldwide Developers Conference, including the introduction of Apple Intelligence. This new personal intelligence system integrates advanced AI models into iPhone, iPad, and Mac, promising enhanced user experiences while maintaining privacy.
Tim Cook highlighted the company’s ongoing investment in innovation, aiming to enrich customers’ lives with cutting-edge technology that aligns with Apple’s core values.
In addition to its financial achievements, Apple’s board of directors declared a cash dividend of $0.25 per share of the company’s common stock, reflecting the company’s strong financial health and commitment to returning value to shareholders.
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English (US) ·