Apple’s record results in the fourth quarter of 2024: services and iPhone sales up; Lower taxes eat into profits

Apple announced its fourth quarter 2024 results on Thursday, showing revenue of $94.9 billion for the quarter, a 6% year-over-year increase and a record for the quarter. Quarterly earnings per diluted share are $0.97. Diluted earnings per share were $1.64, up 12% year-over-year. The company reported a profit of $14.7 billion.

Apple beat analysts’ forecasts for revenue of $94.58 billion or diluted earnings per share of $1.60.

Apple continues to see growth in Services, which reported $25 billion in revenue, an increase of 12% from last year’s $22.3 billion. iPhone sales increased year over year, posting revenue of $46.2 billion, an increase of 5.5% from the fourth quarter of 2023. iPad sales also increased, posting revenue of $6.9 billion, an increase of 7.9%. Mac sales also increased slightly to $7.4 billion, up from $7.6 billion in 2023.

Apple’s wearables, home and accessories category was the only place where the company saw a decline, posting revenue of $9 billion, a 3% decline from 9 .3 billion by 2023. Apple said during the phone announcement that the Apple Watch installed base had reached an all-time high, but did not provide details.

Apple’s profit this year was affected by tax provisions. In a September filing filing with the U.S. Securities and Exchange Commission, Apple said it would “record a one-time income tax expense during its fourth fiscal quarter ending September 28, 2024, of up to approximately $10 billion “. Apple reported a profit of $23 billion for the same quarter a year ago.

Apple declared a cash dividend of $0.25 per share of common stock, payable on November 14, 2024 to shareholders of record at the close of business on November 11, 2024.

“Today, Apple announced a new record September quarter revenue of $94.9 billion, up 6 percent from last year,” said Tim Cook, Apple CEO , in a press release. “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 notable features for hearing health and sensing of sleep apnea. And this week, we released our first feature set for Apple Intelligence, which sets a new standard for AI privacy and supercharges our lineup heading into the holiday season.

The financial results announcement was the last for Apple CFO Luca Maestri, who announcement last August, he left his post. Kevan Parekh will become Apple’s new CFO next year.