Apple has revealed its full earnings report for the fiscal third quarter of 2024. The company reported $85.78 billion in revenue during the three-month period, covering April, May, and June. Net profit for the quarter came in at $21.45 billion, and earnings-per-share hit $1.40. This marks a new June quarter revenue record and earnings-per-share record.
Head below for the full breakdown of Apple’s earnings for fiscal Q3 2024.
For context, analysts expected modest growth in today’s AAPL Q3 2024 earnings report. The average prediction among analysts was $84.46 billion. Analysts also predicted an increase in earnings per share, rising from $1.18 last year to $1.24 this year.
During the quarter, Apple introduced multiple new iPad models, including a revamped iPad Pro alongside a new iPad Air.
AAPL Q3 2024 earnings by product category
- Total revenue: $85.78 billion (up 4.87% year-over-year)
- Net income: $21.45 billion (up 7.89% year-over-year)
- iPhone: $39.30 billion (down 0.94% year-over-year)
- Mac: $7.01 billion (up 2.46% year-over-year
- iPad: $7.16 billion (up 23.63 year-over-year)
- Wearables, Home, and Accessories: $8.10 billion (down 2.26% year-over-year)
- Services: $24.21 billion (up 14.14% year-over-year)
One dark spot for Apple’s Q3 2024 earnings, however, is China, where Greater China net sales fell 6.54% year-over-year from $15.76 billion to $14.73 billion.
Apple CEO Tim Cook touted the company’s performance in Q3 2024:
“Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago,” said Tim Cook, Apple’s CEO. “During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac. We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers’ lives, while leading with the values that drive our work.”
And Apple CFO Luca Maestri added:
“During the quarter, our record business performance generated EPS growth of 11 percent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders,” said Luca Maestri, Apple’s CFO. “We are also very pleased that our installed base of active devices reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty.”
You can read Apple’s full earnings release in this post on Apple Newsroom. Stay tuned to 9to5Mac for more coverage from the AAPL earnings call with Tim Cook and Luca Maestri next. You can also listen live via the company’s Investor Relations website at 2:00 pm PT/5:00 pm ET.
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