Apple’s fourth-quarter earnings for 2024 reveal a record revenue of $94.93 billion, beating Wall Street projections primarily due to robust iPhone sales. Covering the fiscal period ending in September, the report also provides Apple’s annual performance insights.
For Q4, Apple reported $94.93 billion in revenue, up from $89.5 billion in the same quarter last year, with an earnings per share (EPS) of $1.64. Wall Street had predicted $94.4 billion in revenue and an EPS of $1.55, marking a clear outperformance by Apple.
Revenue for iPhone sales reached $46.22 billion, a 5.5% increase from $43.8 billion in Q4 2023. iPad sales rose 7.9% to $6.95 billion, and Mac revenue increased slightly by 1.7% to $7.74 billion. Apple’s Services segment, known for steady growth, rose 11.9%, reaching $24.7 billion from $22.3 billion a year ago. However, Wearables, Home, and Accessories saw a slight decline, falling 3% to $9.04 billion.
New product releases in the quarter—such as the iPhone 16 series, AirPods Max with USB-C, Apple Watch Series 10, and the new Apple Watch Ultra 2—are expected to impact Q1 2025 earnings more significantly as they launched near the end of Q4. On the other hand, Q3’s launches, including the M4-powered iPad Pro, M2 iPad Air, and Apple Pencil Pro, will more substantially contribute to Apple’s future revenue.
Apple’s full-year revenue for 2024 reached $391 billion, up from $383.3 billion in 2023, with a gross margin of $180.7 billion.
This quarter marked CFO Luca Maestri’s final earnings call before stepping down in January, when VP of Financial Planning and Analysis, Kevan Parekh, will take over. CEO Tim Cook commented, “Today, Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago.” Maestri added, “Our performance generated nearly $27 billion in operating cash flow, allowing us to return over $29 billion to our shareholders.”
The outgoing CFO noted Apple’s growing active installed base across all product categories, underscoring the company’s success in building customer satisfaction and loyalty across the globe.
Source: Apple Insider
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