Tech

Apple Reports Quarterly Record Revenue of $124 Billion for 2024 Holiday Period

Apple reported its latest quarterly earnings results Thursday, revealing all-time record-breaking sales for its October-December 2024 period.

For the quarter, the first full quarter during which the new iPhone 16 models were available, Apple drew $69.1 billion in iPhone sales. That’s down slightly from $69.7 billion in the period ended December 2023.

To put a positive spine on that, CEO Tim Cook said during a call with investors later Thursday that Apple set an “all time record” for iPhone customers who chose to upgrade their phones to new models during the fall. “We’ve never seen a higher level of upgraders before. The install base hit a new all-time high as well,” Cook said. “And if you look at the 16 compared to the 15 from launch, which occurred, in September — this is across now two quarters from September to the end of the December fiscal quarter, the 16 outperformed the 15. And so I think you can conclude from that that there are compelling reasons to upgrade.”

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Meanwhile, Mac sales increased to nearly $9 billion vs. the previous year’s $7.8 billion, iPad sales were up ($8.1 billion vs. $7 billion), and home and accessory devices dipped ($11.7 billion vs. $12 billion). Services revenue, which includes device warranties and streamer Apple TV+, among other offerings, grew ($26.3 billion vs. $23.1 billion).

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Wall Street forecast earnings per share (EPS) of $2.34 on $124 billion in revenue for the quarter, which is Apple’s first quarter of fiscal 2025, according to analyst consensus data provided by LSEG. Apple reported diluted EPS of $2.40 (or $36.3 billion in net income), up 10% from the comparable October-December 2023 quarter, on $124.3 billion in revenue, which was up 4%.

“Today Apple is reporting our best quarter ever, with revenue of $124.3 billion, up 4 percent from a year ago,” Apple CEO Tim Cook said in a letter to shareholders. “We were thrilled to bring customers our best-ever lineup of products and services during the holiday season. Through the power of Apple silicon, we’re unlocking new possibilities for our users with Apple Intelligence, which makes apps and experiences even better and more personal. And we’re excited that Apple Intelligence will be available in even more languages this April.”

Apple CFO Kevan Parekh added: “Our record revenue and strong operating margins drove EPS to a new all-time record with double-digit growth and allowed us to return over $30 billion to shareholders. We are also pleased that our installed base of active devices has reached a new all-time high across all products and geographic segments.”

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