Apple Beats Q4 Expectations with $94.93B Revenue on Strong iPhone Sales

Oct 31, 2024, 08:35 PM

Apple Inc. reported its fourth-quarter earnings for 2024, surpassing Wall Street expectations with revenue of $94.93 billion, beating the estimated $94.58 billion. The company reported adjusted earnings per share (EPS) of $1.64, up 12% year-over-year after excluding a one-time charge related to a European tax decision, resulting in GAAP EPS of $0.97. Operating margin was 31%. Net income declined 35.8% to $14.7 billion due to the one-time charge. iPhone sales were particularly strong, with revenue of $46.22 billion, up 5.5% year-over-year and surpassing the expected $45.04 billion. Services revenue grew 11.9% year-over-year to $24.97 billion but slightly missed estimates. Mac and iPad sales also saw growth, with Mac revenue at $7.74 billion and iPad revenue at $6.95 billion. Despite a slight decline in Greater China revenue by 0.3% year-over-year to $15.03 billion, Apple's overall performance was bolstered by robust iPhone sales and increased revenue in Europe and the Rest of Asia Pacific. CEO Tim Cook stated, "Our record business performance during the September quarter drove nearly $27 billion in operating cash flow, allowing us to return over $29 billion to our shareholders."