Apple has announced its quarterly results for the third quarter of 2024, ending June 29. The tech giant reported a new June quarter revenue record of $85.8 billion, marking a 5% increase from the previous year. The company has seen remarkable growth across product categories, led by the sales of new iPads and MacBook, as it saw record sales in a dozen countries including India.
“Today, Apple is reporting a new June quarter revenue record of $85.8 billion, up 5% from a year ago, and better than we had expected. EPS grew double digits to $1.40 and achieved a record for the June quarter. We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand. And we set an all-time revenue record in services, which grew 14%,” Apple CEO Tim Cook said during the company’s earnings call.
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The strong push comes as Apple updated its MacBook Air and iPad line-ups earlier this year with heavy focus on AI. Even though it is yet to introduce Apple Intelligence across product categories, both MacBook Air (M3) and the new iPad Air and iPad Pro saw positive reception.
Even though the revenue from iPhones went down by 0.94 pct year-on-year to $39.30 billion. This was expected given that the new iPhones are scheduled to launch next month.
Apple’s CFO Luca Maestri said that the previous quarter saw significant contributions from emerging markets, particularly India. He said that revenue from Mac reached $7 billion, up 2% year-over-year, driven by the popularity of the MacBook Air with the M3 chip.
“We saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia,” he said.
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Maestri also praised the company’s overall performance, noting that the record business performance generated EPS growth of 11% and nearly $29 billion in operating cash flow. This financial success allowed Apple to return over $32 billion to shareholders and declare a cash dividend of $0.25 per share.
