Apple has reported impressive financial results for the third quarter of fiscal 2024, surpassing Wall Street expectations and setting new records. For the three-month period ending June 29, Apple achieved $85.78 billion in revenue, a notable increase from the $81.80 billion reported in the same quarter of 2023. This revenue growth reflects a 5% year-over-year improvement and surpasses the anticipated figure of $84.54 billion. Earnings per share (EPS) also rose to $1.40, up from $1.26 the previous year, exceeding the forecast of $1.35.
The quarterly report highlights strong performance across various product lines. The iPhone, despite seeing a slight decline of 1% year-over-year, generated $39.3 billion in revenue, better than the expected $38.81 billion. The iPad, on the other hand, saw substantial growth, with revenue reaching $7.16 billion, up from $5.79 billion a year ago and surpassing the forecast of $6.61 billion. The Mac division also showed a modest increase, bringing in $7.01 billion, though it fell just short of the $7.02 billion estimate.
Wearables, Home, and Accessories experienced a slight decline, with revenue of $8.09 billion, down from $8.28 billion the previous year. However, Apple’s Services segment continued to shine, achieving $24.2 billion in revenue, a 14% increase from the $21.21 billion reported in Q3 2023 and exceeding the estimate of $24.01 billion. This segment’s growth was driven by factors such as the App Store, Apple Music, and iCloud subscriptions.
CEO Tim Cook attributed the strong performance to several factors, including the introduction of Apple Intelligence, a new generative AI system announced at the Worldwide Developers Conference. Cook emphasized the company’s commitment to innovation and user experience, stating, “We very much look forward to sharing these tools with our users and continue to invest significantly in innovations that will enrich our customers’ lives.”
Despite the overall positive results, there was a decline in revenue from Greater China, which fell by 6% to $14.72 billion. This region has faced increasing competition from local rivals such as Huawei. However, Cook noted that Apple achieved a record iPhone install base in the region and saw the top three-selling smartphones in urban China.
The tech giant’s financial strength allowed it to return over $32 billion to shareholders through dividends and share repurchases. Apple’s board declared a cash dividend of $0.25 per share.
