Apple's third quarter revenue for fiscal 2024 hits record high of over 12.8 trillion yen despite stagnant iPhone
Apple has announced its financial results for the third quarter of 2024 (April to June). It has been reported that the company made approximately $85.8 billion (approximately 12.8 trillion yen), its highest quarterly revenue ever.
Apple reports third quarter results - Apple
Apple Reports 3Q 2024 Results: $21.4B Profit on $85.8B Revenue - MacRumors
https://www.macrumors.com/2024/08/01/apple-3q-2024-earnings/
Apple reports record revenue despite stagnant iPhone sales | Ars Technica
https://arstechnica.com/gadgets/2024/08/apple-reports-record-revenues-despite-stagnant-iphone-sales/
Net sales for the third quarter of 2024 (April to June) were $85.777 billion (approximately 12.8 trillion yen), up approximately 5% from the same period last year. Of this, products accounted for $61.564 billion (approximately 9.19 trillion yen) and services for $24.213 billion (approximately 3.61 trillion yen). According to Apple CEO Tim Cook, quarterly revenue of $85.777 billion is the highest ever. In addition, earnings per share (EPS) also increased 11% from the same period last year, setting a new record.
In addition, operating income increased 10% from the same period last year to $25.352 billion (approximately 3.78 trillion yen), and net income increased approximately 5% from the same period last year to $21.448 billion (approximately 3.2 trillion yen).
The breakdown of revenue by region is as follows. The highest revenue is in the United States, followed by Europe, China, Japan, and the Asia-Pacific region. However, only China showed a decrease of about 6.5% compared to the same period last year. This decrease in revenue is believed to be due to price cuts of the iPhone in the Chinese market, and Apple commented that 'In urban China, the iPhone is the top three best-selling smartphone model.'
Breaking down the sales (revenues) by category, the iPhone had the highest sales of $39.296 billion (approximately 5.87 trillion yen), but it showed a decrease of about 1% compared to the same period last year. Since new iPhone models are usually announced around September, it is possible that people are refraining from purchasing in this quarter.
In addition, Mac and iPad sales increased compared to the same period last year. The increase in iPad sales in particular is likely due to the launch of the M4-equipped iPad Pro. However, revenue from other devices such as the Apple Watch and HomePod decreased by about 2% compared to the same period last year.
'This quarter, we were thrilled to announce amazing updates to our software platform at WWDC24 , including Apple Intelligence , a breakthrough personal intelligence system that builds powerful private generative AI models at the core of iPhone, iPad and Mac,' said Cook. 'We're excited to share these tools with our users and will continue to invest heavily in innovation that enriches our customers' lives, guided by the values that drive our work.'
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