Apple’s iPhone continues to be the company’s leading product, accounting for about 46% of total sales in the fiscal third quarter of 2024, which ended on June 29. The tech giant reported quarterly revenue of $85.8 billion, a 5% increase from the same period last year, and quarterly earnings per diluted share of $1.40, an 11% year-over-year increase.
Apple’s earnings per share of $1.40 exceeded the estimated $1.35, while revenue of $85.78 billion also surpassed the forecasted $84.53 billion. iPhone revenue reached $39.30 billion, beating the expected $38.81 billion.
Other notable figures include Mac revenue at $7.01 billion, slightly below the estimated $7.02 billion, and iPad revenue at $7.16 billion, above the anticipated $6.61 billion. The Wearables, Home, and Accessories division reported $8.10 billion in revenue, higher than the projected $7.79 billion, while Services revenue totaled $24.21 billion, surpassing the $24.01 billion estimate. The company’s gross margin was 46.3%, compared to the expected 46.1%.
“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,” said Tim Cook, CEO, Apple.
iPad
The iPad division showed the strongest growth, with sales increasing nearly 24% year over year to $7.16 billion. The release of new iPad models, the first since 2022, prompted a significant number of upgrades.
Luca Maestri, CFO of Apple, noted the company’s strong business performance, which generated nearly $29 billion in operating cash flow and allowed Apple to return over $32 billion to shareholders. Maestri also emphasized the record high in the installed base of active devices across all geographic segments, driven by customer satisfaction and loyalty.
Apple’s board of directors declared a cash dividend of $0.25 per share, payable on August 15, 2024, to shareholders of record as of the close of business on Aug. 12, 2024.