Apple has released its third-quarter fiscal 2024 earnings, which ended on June 29. The company's sales came in at $85.8 billion, up 5% year over year and above analysts' average projections of $84.5 billion.
Apple CEO Tim Cook said on a conference call with investors that the business has broken previous records for revenue in more than twenty-two countries, including India. We also hit quarterly sales records in over two dozen countries and territories, including the Philippines, Thailand, India, Indonesia, Canada, Mexico, France, Germany, and the UK, according to Cook.
For the quarter, Apple reported earnings per diluted share of $1.40, an increase of 11% over the previous year. Due to the company's excellent financial results, operational cash flow of about $29 billion was produced, enabling Apple to distribute more than $32 billion to shareholders.
A cash dividend of $0.25 per share, payable on August 15, 2024, to shareholders of record as of August 12, 2024, was announced by the board of directors.
Furthermore, Luca Maestri, Apple's CFO, revealed a 2% rise in Mac sales year over year. "We saw particularly strong performance in our emerging markets," Maestri said, citing records for Mac in South Asia, India, and Latin America during the June quarter. The popularity of the MacBook Air with an M3 processor was credited with this expansion.
According to Bloomberg, Apple's quarterly revenues were $39.30 billion, which is a 0.94 percent year-over-year decline in iPhone sales. This was anticipated given that Apple usually experiences a decline in iPhone revenue in the third quarter, which coincides with the September debut of the iPhone 16 series.
On the other hand, Mac sales rose 2.46 percent to $7.01 billion, while iPad sales soared 23.63 percent to $7.16 billion, reversing the previous quarter's decline in both Mac and iPad revenues.
However, sales of the Apple Watch and AirPods did not fare as well; according to the report, the wearables, home, and accessories sector generated $8.10 billion, a 2.26 percent fall. According to Bloomberg, services revenue increased further, hitting $24.21 billion, or 14.14% more than the previous year. Cook emphasized that this was a record-breaking revenue.
Cook outlined Apple's intention to make large investments in AI technology and stated his excitement about the potential of AI to improve consumer experiences. He clarified that a number of commonly used applications would use Apple Intelligence, enhancing the user experience in an interesting and organic way.
