Apple beats Street, posts quarterly revenue of $85.8 billion
Apple today announced financial results for its fiscal 2024 third quarter ended June 29, 2024. The Company posted quarterly revenue of $85.8 billion, up 5 percent year over year, and quarterly earnings per diluted share of $1.40, up 11 percent year over year.
“Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago,” said Tim Cook, Apple’s CEO, in a statement. “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.”
“During the quarter, our record business performance generated EPS growth of 11 percent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders,” said Luca Maestri, Apple’s CFO, in a statement. “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.”
Apple’s Q324 results:
• Revenue: $85.777
• EPS: $1.40
• iPhone revenue: $39.296 billion
• Services revenue: $24.213 billion
• Wearables, Home and Accessories revenue: $8.097 billion
• Mac revenue: $7.009 billion
• iPad revenue: $7.162 billion
Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on August 15, 2024 to shareholders of record as of the close of business on August 12, 2024.
MacDailyNews Note: Prior to Apple’s earnings release, here’s what Wall Street expected, according to LSEG consensus estimates (revenue and EPS) and StreetAccount (product lines):
• Revenue: $84.53 billion
• EPS: $1.35
• iPhone revenue: $38.64 billion
• Services revenue: $24.05 billion
• Wearables, Home and Accessories revenue: $7.83 billion
• Mac revenue: $7.04 billion
• iPad revenue: $6.61 billion
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