Apple on Thursday announced record total revenue for the September 2024 quarter. The Mac-maker took in $94.9 billion, a 6% increase over the same quarter a year ago. Much of the increase can be pegged to sales of the iPhone, by far Apple’s largest product. Revenue from iOS devices grew 6%.
“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,” said Luca Maestri, Apple’s CFO, in a statement. Apple’s board of directors declared a cash dividend of $0.25 per share of Apple common stock.
Apple financial results for Q4 2024 = 💰
In the past two quarters, Apple seems to have broken out of a slump. Five of its past seven quarters brought revenue declines when compared to the same quarter a year previously. But revenue increased 5% in the June quarter and was up 6% in the September 2024 quarter.
The company met or perhaps slightly exceeded Wall Street’s expectations. Analysts previously predicted Apple’s total quarterly revenue would come in at about $94 billion. Still, Apple’s stock price fell Thursday before the call and dropped even more in after-hours trading.
iPhone wasn’t the only category showing growth last quarter. Services revenue rose 12% year over year, iPad revenue increased 8% and Mac revenue went up 2%.
“We are very pleased that our active installed base of devices reached a new all-time high across all products and all geographic segments, thanks to our high levels of customer satisfaction and loyalty,” said Maestri.
Chart: Ed Hardy/Cult of Mac
Apple sets lots of quarterly records
In an earnings call Thursday after announcing the financial results, Cook and Maestri ticked off an unusually high number of “all-time” records, in addition to highs for the given quarter. All-time records included:
- Total revenue ($94.9 billion, up 6% year over year)
- iPhone revenue ($46.2 billion, up 6% year over year)
- Revenue records across “most” product categories in a variety of markets
- Services revenue up 12% year over year to $25 billion (including all-time highs in subscriptions and paid accounts)/li>
- Install base of active devices across all products and geographic segments
- Revenue in India and other developing and developed countries
Apple expects another quarter of solid growth
The Apple ship appears to be sailing steadily along. During the earnings call, Apple provided basic guidance on how it expects to perform financially in the last three months of 2024, aided by the fact that the quarter is already a third over. And it looks like the December quarter will be another strong one.
“We expect our December quarter total company revenue to grow low- to mid-single digits year over year,” said Maestri.
That’s essentially the same growth seen during the last two quarters. And it’s a definite improvement over much of the last two years, during which the quarterly revenue numbers showed an annual decline so many times.
David Snow contributed to this report on the October 31, 2024, Apple earnings call.
