CHART: Apple’s solid Q4 FY24 performance tempered by income setback

Emmanuel Oyedeji -

Summary:

  • Apple’s Q4 revenue rose 6% year-over-year to $94.9 billion, beating expectations.
  • Apple’s services segment surged 12% to nearly $25 billion, driven by strong subscriber growth.
  • Apple projects single-digit revenue growth and double-digit services growth in Q4 2024.

Apple wrapped up its fiscal fourth quarter with impressive numbers, signalling a solid end to a packed quarter that included the release of new products like the iPhone 16, Apple Watch Series 10, and AirPods 4.

The tech giant posted revenue of $94.9 billion, marking a 6% year-over-year increase and surpassing Wall Street’s expectations.

Meanwhile, net income took a notable 36% hit due to a one-time tax payment of $10.2 billion to Ireland after a prolonged tax dispute, however, Apple’s overall financial health remains robust. Excluding this charge, Apple’s core business would have seen record gains, with earnings per share at $0.97.

The performance of the iPhone segment, Apple’s cornerstone, was particularly strong. iPhone revenue rose 6% to $46.2 billion, buoyed by early sales of the iPhone 16 lineup, which Tim Cook noted was outpacing the iPhone 15's debut last year.