Today, Apple announced its financial results for the fourth quarter ended September 28, 2024. Apple reported a record September quarter revenue of $94.9 billion, up 6 percent year over year, and diluted earnings per share were $1.64. This 6% revenue growth in the quarter marked the strongest revenue growth rate for Apple in two years. Apple"s net income was $14.74 billion, down from $22.96 billion in Q4 2023, due to a one-time $10.2 billion charge as part of a tax decision in Europe.
Apple"s iPhone business was up 6% YoY to $46.22 billion, Mac business was up 2% YoY to $7.74 billion, iPad business was up 8% YoY to $6.95 billion, and Wearables, Home, and Accessories business saw a 3% YoY decline to $9.04 billion. Apple"s Services business, which includes the App Store, Apple TV+, and Apple Music, saw a 12% YoY increase in revenue to $24.97 billion, a new quarterly record. With this record revenue, Apple Services has achieved a revenue run rate of $100 billion.
Apple Services revenue also includes the amount Google pays to be the default search engine in Apple"s products, including iPhone, iPad, and Mac. Due to ongoing legal cases around the world, Google may be forced to stop paying Apple, which could significantly impact Apple"s Services business revenue in the future.
Tim Cook, Apple"s CEO, said:
"Today, Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago. 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. 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."
Luca Maestri, Apple"s CFO, said:
"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. 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."
Apple also declared a cash dividend of $0.25 per share, payable on November 14, 2024, to shareholders of record as of November 11, 2024.
While Apple"s record revenue for the September quarter is impressive, it"s almost flat year-over-year revenue in Greater China is a significant concern because Apple"s China business plays a crucial role in its overall business.