Apple Reports 4Q 2024 Results: $14.7B Profit on $94.9B Revenue

[MacRumors]

Apple today announced financial results for the fourth fiscal quarter of 2024, which corresponds to the third calendar quarter of the year.

For the quarter, Apple posted revenue of $94.9 billion and net quarterly profit of $14.7 billion, or $0.97 per diluted share, compared to revenue of $89.5 billion and net quarterly profit of $23.0 billion, or $1.46 per diluted share, in the year-ago quarter.

While revenue was up 6 percent year-over-year, Apple's profits were hit hard by a one-time charge of $10.2 billion over tax issues in the European Union. Without that one-time charge, Apple's profits would have been $1.64 per share, up 12 percent year-over-year.

Gross margin for the quarter was 46.2 percent, compared to 45.2 percent in the year-ago quarter. Apple also declared a quarterly dividend payment of $0.25 per share, payable on November 14 to shareholders of record as of November 11.

For the full fiscal year, Apple recorded $391.0 billion in sales and $93.7 billion in net income, compared to $383.3 billion in sales and $97.0 billion in net income for fiscal 2023.

"Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago," said Tim Cook, Apple's CEO. "During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection. And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season."

As has been the case for over four years now, Apple is once again not issuing guidance for the current quarter ending in December.

Apple will provide live streaming of its fiscal Q4 2024 financial results conference call at 2:00 pm Pacific, and MacRumors will update this story with coverage of the conference call highlights.

Conference call recap ahead...
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Article Link: Apple Reports 4Q 2024 Results: $14.7B Profit on $94.9B Revenue

 

[DHagan4755]

Stock sold off in after hours trading.

 

[BelgianChoklit]

3/4 of the profit coming from what they make on storage and ram upgrades on the iPhone, iPad and Mac.

 

[ShivneelSingh]

The "Services" rate is getting ridiculous.

 

[Pezimak]

iPhone STILL keeping the business afloat, and it’s the only product no that I now do and will continue to buy refurbished and not from Apple. Better value that way. Good to see iPad sales still significant but surprising not as high as Macs that seem to have had a surge, mind you I added to that this year buying an Apple refurb MB Pro.

 

[mdriftmeyer]

iPhone STILL keeping the business afloat, and it’s the only product no that I do and will continue to buy refurbished and not from Apple.

Office still keeping Microsoft afloat, and I haven't used it since 1996.

 

[sw1tcher]

• EPS: $1.64, adjusted, versus $1.60 estimate
• Revenue: $94.93 billion vs. $94.58 billion estimate
• iPhone revenue: $46.22 billion vs. $45.47 billion estimate
• Mac revenue: $7.74 billion vs. $7.82 billion estimate
• iPad revenue: $6.95 billion vs. $7.09 billion estimate
• Wearables, Home and Accessories revenue: $9.04 billion vs. $9.21 billion estimate
• Services revenue: $24.97 billion vs. $25.28 billion estimate
• Gross margin: 46.2% vs. 46.0% estimate

Expecting Mac sales to improve now that all Macs start with 16GB memory minimum


Sales up in every region for the quarter and the full fiscal year except for China

 

[ELman]

And now the stock price is down.

 

[Pezimak]

Office still keeping Microsoft afloat, and I haven't used it since 1996.

So Microsoft Office sales make up for half of Microsoft’s annual revenue?

 

[WarmWinterHat]

The "Services" rate is getting ridiculous.

Agreed, I don't like where that is going. It's going to push Apple to continue pushing service revenue and design hardware that expects it.

 

[noupf]

Imagine having a $10 billion dollar tax charge and writing that check like nothing happened.

 

[Pezimak]

Agreed, I don't like where that is going. It's going to push Apple to continue pushing service revenue and design hardware that expects it.

Yes! They said ages ago that they will push hard on services to reduce that reliance on the iPhone so much, so expect them grow significantly.

 

[noupf]

The "Services" rate is getting ridiculous.

not sure what you mean by this comment?

 

[JPack]

Expecting Mac sales to improve now that all Macs start with 16GB memory minimum

Should lower ASP. Doubt consumers are running out getting new Macs because it now comes with 16GB. Any improvement to sales will be because of AI or M4.

 

[StellarVixen]

Let’s see if the M4 is gonna give Mac sales a boost. I expect 10 percent of that pie will be Mac very soon.

 

[F23]

Nice work Timmy!

 

[coffeemilktea]

It's only a matter of time before they start putting the really exciting AI features behind some kind of Services paywall. 🙃

 

[arthurgd3]

Imagine having a $10 billion dollar tax charge and writing that check like nothing happened.

When you have almost $94B in net income, even though $10B is almost 10% of that, you can still write that check and not feel much of a hit.

 

[DotCom2]

It's only a matter of time before they start putting the really exciting AI features behind some kind of Services paywall. 🙃

Very possible

 

[Apple$]

Should lower ASP. Doubt consumers are running out getting new Macs because it now comes with 16GB. Any improvement to sales will be because of AI or M4.

Except for me, I'm seriously considering a MacBook Air as my next laptop due to the increased RAM, the things I hear about the M chips being so GOOD and because I'm tired of Windows laptops claiming 13+ hours of battery life when in real life, the battery life is more like 5-6 hours.

 

[TechnoMonk]

But but they said iPhone 16 demand was bad coz Apple probably had better supply. December Quarter will give further insights if the annual doom of “iPhone demand lower” holds up.

 

[sw1tcher]

When you have almost $94B in net income, even though $10B is almost 10% of that, you can still write that check and not feel much of a hit.

$94.93 billion is quarterly revenue, not net income.

Net income for the quarter is $14.736 billion. Unless you're referring to the $93.736 billion net income for the full fiscal year.

But even if Apple didn't generated enough income for the year, they have $156.65 billion in cash and assets they can tap to pay their bills.

 

[BuddyTronic]

Apple today announced financial results for the fourth fiscal quarter of 2024, which corresponds to the third calendar quarter of the year.

For the quarter, Apple posted revenue of $94.9 billion and net quarterly profit of $14.7 billion, or $0.97 per diluted share, compared to revenue of $89.5 billion and net quarterly profit of $23.0 billion, or $1.46 per diluted share, in the year-ago quarter.

While revenue was up 6 percent year-over-year, Apple's profits were hit hard by a one-time charge of $10.2 billion over tax issues in the European Union. Without that one-time charge, Apple's profits would have been $1.64 per share, up 12 percent year-over-year.

Gross margin for the quarter was 46.2 percent, compared to 45.2 percent in the year-ago quarter. Apple also declared a quarterly dividend payment of $0.25 per share, payable on November 14 to shareholders of record as of November 11.

For the full fiscal year, Apple recorded $391.0 billion in sales and $93.7 billion in net income, compared to $383.3 billion in sales and $97.0 billion in net income for fiscal 2023.As has been the case for over four years now, Apple is once again not issuing guidance for the current quarter ending in December.

Apple will provide live streaming of its fiscal Q4 2024 financial results conference call at 2:00 pm Pacific, and MacRumors will update this story with coverage of the conference call highlights.

Conference call starts at 2:00 p.m. Pacific - No need to refresh

​

Visit article to see live updates



Article Link: Apple Reports 4Q 2024 Results: $14.7B Profit on $94.9B Revenue

Booya Apple!

Supercycle this year? Well - Yes!

All time record Q again? Yes!

Stock guys on TV always try to be negative on AAPL? Seems like it eh?


pass the grey poupon!

 

[WarmWinterHat]

.

 

[dredlew]

Mac sales consistently stay flat over all these years. Maybe don’t try to gouge people on commodity upgrades like memory & storage? That might get some new customers from the Wintel camp into the fold…