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Apple releases Q4 2024 earnings, cites $94.9 billion in revenue, $14.7 billion profit for the quarter

Apple had a fair amount to brag about during its fourth quarter 2024 earnings call on Thursday, the company posting revenue of $94.9 billion for the quarter, a 6 percent increase year over year, and a record for the quarter. The company reported $14.7 billion in profit.

Apple saw continued growth in its Services division, which posted $25 billion in revenue, and a 12 percent increase from last year’s $22.3 billion. iPhone sales were up year over year, posting $46.2 billion in revenue, which marked a 5.5 percent increase from the fourth quarter of 2023. iPad sales were also up, posting $6.9 billion in revenue, which represents a 7.9 percent increase. Mac sales were also down slightly to $7.4 billion, compared to $7.6 billion in 2023.

The company’s Wearables, Home, and Accessories category saw a decline since 2023, posting $9 billion in revenue, or a 3 percent decrease from 2023’s $9.3 billion. Apple stated that the Apple Watch installed base reached an all-time high, but did not offer specifics.

Apple’s profit this year took a hit due to tax provisions. In a September filing with the U.S. Securities and Exchange Commission, Apple stated that it would “record a one-time income tax charge in its fourth fiscal quarter ending September 28, 2024, of up to approximately $10 billion.” Apple posted a profit of $23 billion for the same quarter a year ago.

How the quarter ended year-over-year for Apple:

  • iPhone: $46.2 billion (up from $43.8 billion)
  • iPad: $6.9 billion (up from $6.4 billion)
  • Mac: $7.7 billion (up from $7.6 billion)
  • Wearables: $9 billion (down from $9.3 billion)
  • Services: $25 billion (up from $22.3 billion)

Finally, the financial earnings announcement was the last for Apple CFO Luca Maestri, who announced last August that he is stepping down from the role. Kevan Parekh will become Apple’s new CFO next year.

Stay tuned for additional details as they become available.

Via Macworld

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