Apple has reported quarterly revenue of $94.9 billion for Q4 2024 marking a 6% increase from last year and setting a new record for the September quarter. However, the company’s net profit dropped by 37.8% year-over-year to $14.3 billion due to a one-time payment of $10.2 billion to settle tax issues in the European Union.
Earnings per diluted share rose to $1.64 by 12.32% year-over-year for the fourth quarter of Apple’s fiscal year.
During the earnings call, Apple CEO Tim Cook highlighted new September quarter revenue records in regions like the Americas, Europe and Asia Pacific along with countries such as the United States, Brazil, Mexico, France, the U.K., Korea, Malaysia, Thailand, Saudi Arabia and the UAE.
Apple CFO Luca Maestri pointed out that Apple achieved an all-time revenue record in India during this September quarter.
Tim Cook also announced plans to open four new stores in India with upcoming locations in Bengaluru, Pune, Delhi-NCR and a second store in Mumbai.
Apple’s products generated $70 billion revenue, a 4% increase from last year, driven by iPhone iPad and Mac sales. The installed base for Apple products hit a record high globally.
The company’s services revenue also set an all-time record of $25 billion, reflecting a 12% year-over-year increase. Both developed and emerging markets saw growth in services with double-digit increases across most categories.
iPhone sales hit $46.2 billion for the quarter a 6% rise year-over-year. iPhone remained the top-selling smartphone in major markets including the U.S., China, the U.K., Australia and Japan.
iPad sales grew to $7 billion, up 8% from the previous year—achieving an all-time high in its installed base. More than half of iPad customers this quarter were first-time buyers with strong demand in both developed and emerging markets like Mexico Brazil, the Middle East India and South Asia.
The Mac generated $7.7 billion in revenue showing a 2% increase year-over-year due to strong MacBook Air sales. Like the iPad, the Mac installed base reached a record high with around half of the buyers new to Mac.
Revenue from Wearables, Home and Accessories was $9 billion reflecting a 3% decline from the previous year. However the Apple Watch reached a new high in its installed base with more than half of the quarter’s buyers being first-time customers.
The company also achieved a milestone with over 1 billion paid subscriptions across its platform doubling its paid subscription base from four years ago.
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