Apple beats market expectations with nearly $95 billion Q4 revenue
Apple has released its financial results for the fourth quarter of 2024, reporting a revenue of $94.93 billion. The number exceeds Wall Street's predictions and is an increase from the $89.5 billion reported in Q4 2023. The earnings per share also exceeded expectations at $1.64, as opposed to the anticipated $1.55 by Wall Street analysts.
iPhone sales drive Apple's record-breaking Q4 revenue
Apple's Q4 revenue saw a massive jump, thanks to strong iPhone sales, which stood at $46.22 billion. The number is a 5.5% increase over the $43.8 billion posted in the same quarter last year and set a new record for September quarter total across multiple markets, including the US, Middle East, Korea, and South Asia. Apple's iPhones and iPads also set revenue records in India in the fourth quarter of 2024.
Apple to open 4 new stores in India
"iPhone grew in every geographic segment, marking a new September quarter revenue record for the category...And we continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record," said Tim Cook, CEO of Apple, during the company's earnings call today. "We also opened two new stores during the quarter and we can't wait to bring four new stores to customers in India," Cook added.
Other Apple products also contribute to Q4 revenue growth
Apart from the iPhone, other Apple products also played a role in the company's Q4 revenue growth. iPad sales increased by 7.9% from $6.43 billion in Q4 2023 to $6.95 billion this year, while Mac revenue witnessed a modest 1.7% increase, rising from $7.6 billion last year to $7.74 billion in this quarter.
Apple's services revenue hits all-time high in Q4
Apple's services sector, a constant growth driver for the company, remained on the rise with an 11.9% increase from $22.3 billion in Q4 2023 to $24.7 billion this quarter. The surge resulted in an all-time record of $25 billion in services revenue, marking a 12% year-over-year growth. However, the Wearables, Home and Accessories category witnessed a slight dip of 3%, from $9.32 billion to $9.04 billion this year.
Apple's 2024 full-year results show growth in gross sales
For the entire fiscal year of 2024, Apple posted gross sales of $391 billion, up from 2023's $383.3 billion. The company's gross margin also increased to $180.7 billion this year. CEO Cook and CFO Luca Maestri, who will be stepping down from his position in January with VP Kevan Parekh taking over, presented these results.
