Apple posts Q3 earnings as revenue hits $85.8 billion

01.08.2024 23:33

BGR.com

Apple today posted its earnings report for the recent June quarter. When all was said and done, the company posted $85.8 billion in revenue and EPS of $1.40. As a point of comparison, Apple during the same quarter last year posted revenue of $81.8 billion, $19.9 billion in profits, and earnings of $1.26 per share.

Of course, everything with respect to earnings centers on expectations. To this end, analysts ahead of Apple's earnings report were anticipating revenue to fall around $84.5 billion with EPS to land in the range of $1.35. As always, it's worth mentioning that Apple's quarterly EPS always receives a slight bump thanks to the company's massive stock buyback program.

In a press release issued today, Apple CEO Tim Cook said the following:

Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago.

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.

Apple CFO Luca Maestri, meanwhile, added that Apple's number of active devices "reached a new all-time high in all geographic segments."

As is typically the case, a huge chunk of Apple's earnings come from iPhone sales. And for the quarter gone by, iPhone revenue came in at $39.29 billion compared to $39.6 billion in the same quarter last year. Incidentally, analysts were anticipating iPhone-based revenue to fall in the $38.6 billion range.

As for Apple's other product lines, here's how it all breaks down:

Mac revenue came in at $7.16 billion, up about 2.5% year over year. iPad revenue checked in at $7.16 billion compared to $5.79 billion during the same quarter a year-ago. This marks an impressive 24% increase year over year.

Revenue from Apple's Wearables, Home and Accessories categories reached $8.1 billion, accounting for a 2.3% drop year over year.

And lastly, services revenue came in at $24.2 billion, representing a 14% increase year over year. Last year, services-based revenue hit $21.2 billion which, at the time, was a quarterly record.

Notably, Apple saw revenue rise in all geographic regions except for Greater China.

Shares of Apple are up about 1.2% in after-hours trading.

Developing...

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Apple posts Q3 earnings as revenue hits $85.8 billion originally appeared on BGR.com on Thu, 1 Aug 2024 at 16:33:31 EDT. Please see our terms for use of feeds.