MacDailyNews presents live notes from Apple’s Q424 conference call

MacDailyNews presents live notes from Apple’s Q424 Conference Call with analysts starting at 2pm PT / 5pm ET today, October 31, 2024.

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Apple’s live conference call webcast will begin at 2pm PT / 5pm ET here.

Apple today posted an all-time fourth quarter revenue record of $94.9 billion, up 6% year over year, and quarterly diluted earnings per share of $0.97. Diluted earnings per share was $1.64, up 12% year over year when excluding the one-time charge recognized during the fourth quarter of 2024 related to the impact of the reversal of the European General Court’s State Aid decision.

For the quarter, analysts’ consensus estimates (per LSEG) called for Apple to report revenue of $94.93 billion and diluted EPS of $1.60, both of which Apple beat.

Live notes:

• Q:

• 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 November 14, 2024 to shareholders of record as of the close of business on November 11, 2024.
• Apple expects: 46-47% gross margin
• Apple expects: Revenue to grow low to mid single digits YoY; Service to grow double digits

• Apple has $157 billion cash. otla debt of 107 b net cash $50 billion during quarter
• Apple products continue to grow in the enterprise
• Apple Card is now 5 years old
• Paid subscriptions are well over 1 billion – over double the number of just 4 years ago
• 96% customer satisfaction in America for Apple Watch
• Apple Watch installed base reached a new all-time high
• iPad satisfaction is 97% in America
• iPad installed base reached another all-time high
• 95% customer satisfaction for Mac in America
• Customers love the performance of Apple Silicon on Mac; now with M4 chips!
• 98% iPhone satisfaction rate in America
• iPhone active installed base grew to a new all-time high
• Quarterly diluted earnings per share of $0.97. Diluted earnings per share was $1.64,1 up 12 percent year over year when excluding the one-time charge recognized during the fourth quarter of 2024 related to the impact of the reversal of the European General Court’s State Aid decision
• 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
• Apple’s active installed base of devices reached a new all-time high across all products and all geographic segments.
• $25 billion services revenue during Q424
• $70 billion products revenue during Q424
• Apple reported a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago
• Luca: Serving as Apple CFO has been a real privilege

• Cook lauds Luca Maestri – a truly exceptional CFO

• Cook: We have the best lineup of products ever as we close out the calendar year

• AAPL After hours: $224.10, -$1.81, (-0.80%) @ 5:12 PM EDT

• Apple opened two new Apple retail stores during the quarter
• This month Apple marked 10 years of Apple Pay
• Cook promotes Apple TV+ series, movies, MLS Season Pass, etc.
• Services revenue: $24.930 billion (vs. $22.314 billion YoY)
• Cook talks up Apple Vision Pro and visionOS apps and spatial film features
• Cook touts Apple Watch Series 10, watchOS 11, AirPods 4 and AirPods Pro 2 hearing aid features
• Wearables, Home and Accessories revenue: $9.042 billion (vs. $9.322 billion YoY)
• Cook lauds iPad lineup and the new iPad mini
• iPad revenue: $6.950 billion (vs. 6.443 billion YoY)
• Cook promotes new Macs with M4 chips
• Mac revenue: $7.744 billion (vs. $7.614 billion YoY)
• Cook touts iPhone 16 family
• iPhone revenue: $46.222 billion (vs. $43.805 billion YoY)

• Cook touts Apple Intelligence and future feature releases
• And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season.
• During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection.
• Cook: Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago

• Apple CEO Tim Cook and CFO Luca Maestri present along with Kevan Parekh, Apple’s Vice President of Financial Planning and Analysis, who will become CFO after Luca transitions from his role on January 1, 2025.
• Conference call begins

• AAPL After hours: $222.57, -$3.34, (-1.48%) @ 4:56 PM EDT
• AAPL After hours: $223.70, -$2.21, (-0.98%) @ 4:50 PM EDT
• AAPL After hours: $223.11, -$2.80, (-1.24%) @ 4:44 PM EDT

• Apple CFO Luca Maestri in statement: Apple’s “active installed base of devices reached a new all-time high across all products and all geographic segments.”

• Sales of the iPhone 15 were “stronger than 14 in the year-ago quarter, and 16 was stronger than 15,” Apple CEO Tim Cook told CNBC’s Steve Kovach.

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