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Apple’s Q3 2024 profit beats expectations

  • August 2, 2024
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Apple today announced its financial results for the third quarter of this year, with revenue coming in at $85.8 billion for the period, ahead of expectations of $84.46


Apple today announced its financial results for the third quarter of this year, with revenue coming in at $85.8 billion for the period, ahead of expectations of $84.46 billion.


iPhone revenue for the period was $39.30 billion, slightly below expectations ($38.95 billion). Speaking of other devices, Mac and iPad revenues were $7.01 billion and $7.16 billion, both exceeding expectations of $6.98 billion and $6.63 billion, respectively.

Revenue from wearables, home and accessories came in at $8.10 billion in the third quarter, beating expectations of $7.79 billion. Miscellaneous services revenue came in at $24.21 billion, compared with analysts’ expectations of $23.96 billion. Third-quarter earnings per share came in at $1.40, while analysts expected $1.35.

Specifically, the company set new records for both revenue and EPS in the latest quarter, with the Services category setting a new all-time revenue record. iPad revenue increased significantly, expected to be driven by the recent launch of the new iPad Pro and iPad Air models.

The company’s gross margin for the quarter was 46.3%, compared to 44.5% in the same period last year. They also announced a quarterly dividend of $0.25 per share, payable on August 15 to shareholders of record as of August 12. “Today, Apple reported a new quarterly record for June: $85.8 billion. US revenue was 5% higher than a year ago,” said Tim Cook, Apple’s CEO. He also talked about the additions to iOS they announced at the Worldwide Developers Conference (including Apple Intelligence).

Source: Port Altele

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