Apple exceeds expectation, records $85.8bn revenue in Q3 2024

• Published On: 02 August 2024 at 19:35

Apple's fiscal 2024 third-quarter results beat market forecasts, reaching a record $85.8 billion in revenue, a 5% increase year on year despite a dip in iPhone sales.

This outstanding performance aligns with increased anticipation for Apple's upcoming introduction of the next-generation iPhone, which will include advanced artificial intelligence technologies.

Apple reported quarterly earnings of $1.40 per diluted share, up 11% from the prior year, totalling $21.5 billion in net revenue.

These statistics beat analysts' projections of $1.34 per share and $20.7 billion in net income.

The $85.8 billion in revenue also above predictions, thanks in part to iPhone sales of $39.3 billion, the lowest since September 2021 but still somewhat higher than expected.

"During the quarter, our record business performance generated 11 percent EPS growth and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders," said Luca Maestri, Apple's Chief Financial Officer (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," the maker added.

The board of directors paid a cash dividend of $0.25 per share of Apple's ordinary stock. The dividend will be paid on August 15, 2024, to shareholders of record as of the close of business on August 12, 2024.

Meanwhile, Apple's revenue from Greater China, a previously strong growth region, fell for the fourth consecutive quarter, falling 7% year on year to $14.73 billion.