Robust iPhone gross sales return Apple to document income [Updated]

Apple on Thursday introduced document complete income for the September 2024 quarter. The Mac-maker took in $94.9 billion, a 6% improve over the identical quarter a yr in the past. A lot of the rise might be pegged to gross sales of the iPhone, by far Apple’s largest product. Income from iOS gadgets grew 6%.

“Our document enterprise efficiency throughout the September quarter drove practically $27 billion in working money circulate, permitting us to return over $29 billion to our shareholders,” mentioned Luca Maestri, Apple’s CFO, in an announcement. Apple’s board of administrators declared a money dividend of $0.25 per share of Apple frequent inventory.

Apple monetary outcomes for This autumn 2024 = 💰

Up to now two quarters, Apple appears to have damaged out of a stoop. 5 of its previous seven quarters introduced income declines when in comparison with the identical quarter a yr beforehand. However income elevated 5% within the June quarter and was up 6% within the September 2024 quarter.

The corporate met or maybe barely exceeded Wall Road’s expectations. Analysts beforehand predicted Apple’s complete quarterly income would are available in at about $94 billion. Nonetheless, Apple’s inventory value fell Thursday earlier than the decision and dropped much more in after-hours buying and selling.

iPhone wasn’t the one class displaying progress final quarter. Companies income rose 12% yr over yr, iPad income elevated 8% and Mac income went up 2%.

“We’re very happy that our lively put in base of gadgets reached a brand new all-time excessive throughout all merchandise and all geographic segments, because of our excessive ranges of buyer satisfaction and loyalty,” mentioned Maestri.

Apple units a lot of quarterly data

In an earnings name Thursday after asserting the monetary outcomes, Cook dinner and Maestri ticked off an unusually excessive variety of “all-time” data, along with highs for the given quarter. All-time data included:

• Whole income ($94.9 billion, up 6% yr over yr)
• iPhone income ($46.2 billion, up 6% yr over yr)
• Income data throughout “most” product classes in quite a lot of markets
• Companies income up 12% yr over yr to $25 billion (together with all-time highs in subscriptions and paid accounts)/li>
• Set up base of lively gadgets throughout all merchandise and geographic segments
• Income in India and different creating and developed nations

Apple expects one other quarter of stable progress

The Apple ship seems to be crusing steadily alongside. Throughout the earnings name, Apple offered fundamental steering on the way it expects to carry out financially within the final three months of 2024, aided by the truth that the quarter is already a 3rd over. And it appears to be like just like the December quarter will likely be one other sturdy one.

“We anticipate our December quarter complete firm income to develop low- to mid-single digits yr over yr,” mentioned Maestri.

That’s primarily the identical progress seen over the last two quarters. And it’s a particular enchancment over a lot of the final two years, throughout which the quarterly income numbers confirmed an annual decline so many occasions.

David Snow contributed to this report on the October 31, 2024, Apple earnings name.