Apple posted impressive revenue growth in the third quarter of fiscal 2024 despite some headwinds in iPhone sales in China. The company continues to successfully expand its customer base and demonstrates significant growth in the Mac, iPad and services segments.
Apple financial results
Record revenue and profit
Apple hit an all-time high in the third quarter of fiscal 2024, recording revenue of $85.8 billion. This is 5% higher than the same period last year. The company's net income was an impressive $21.45 billion.
Chinese market situation
Despite stiff competition from local manufacturers in China, where iPhone sales declined by 6% , Apple managed to achieve growth in the MacBook Air and iPad segments. Notably, the majority of Chinese buyers turned out to be new customers for the company, indicating Apple's ability to attract fresh audiences.
CEO Comment
Apple CEO Tim Cook emphasized that the iPhone continues to hold the leading position in sales in the urban market China. This is especially important given that urban populations tend to have higher purchasing power.
Product totals
Overall, iPhone sales decreased slightly - by 1%. At the same time, the Mac and iPad segments showed growth of 2% and 24%, respectively. The iPad's growth has been particularly impressive with the release of new models. The iPhone remains Apple's key product, accounting for about 46% of total sales for the quarter.
Growth Strategy
Tim Cook noted: "We've seen consistent growth year on year. We look at it from the perspective operating activities."
Apple Q3 Financials
- Total Revenue: $85.78 Billion
- Net income: $21.45 billion
- iPhone revenue: $39.30 billion
- Mac Revenue: $7.01 billion
- iPad Sales: $7.16 billion
- Wearables, Home & Accessories Revenue: $8.10B
- Services Revenue: $24.21B
Glossary
- Apple is an American technology company, manufacturer of personal and tablet computers, audio players, smartphones , software
- iPhone - a line of smartphones developed by Apple Inc
- MacBook Air - a line of ultrabooks produced by Apple Inc
- iPad is a line of tablet computers developed by Apple Inc
- Tim Cook has been the CEO of Apple since 2011
Answers to questions
What are the basic financial Apple's performance in the third quarter of fiscal 2024?
How are Apple sales in China?
What share of Apple's total sales is the iPhone?
How have sales of various Apple products changed compared to the previous year?
How does Tim Cook assess Apple's current performance?
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Discussion of the topic – Apple breaks records: iPad saves, iPhone slows down, revenue grows
Apple reported record quarterly revenue of $85.8 billion despite slowing iPhone sales in China. iPad and MacBook Air showed growth, attracting new buyers.
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Olivia
Wow, Apple is breaking records again! 🚀 Revenue of $85.8 billion is impressive. I wonder how they manage to grow even in the face of fierce competition?
Klaus
Yes, but note that iPhone sales in China fell 6%. It looks like local brands are starting to squeeze Apple. Although the growth of MacBook Air and iPad is a good sign.
Sophie
I was surprised that most Chinese buyers are new to Apple. This means that the company still has growth potential in this market! 🌏
Juan
I agree with Sophie. Plus, Tim Cook noted that the iPhone is leading in Chinese cities. This is a key point, because city residents are usually more solvent.
Victor
Bah, there's that Apple hype again. Every quarter it's the same. Just think, a new record. And the prices for their equipment are rising and rising. These endless updates are of no use.
Olivia
Victor, don't be such a skeptic! 😄 Apple does innovate. Look at the 24% increase in iPad sales - that's great!
Marta
And I was impressed by the income from services - $24.21 billion! It looks like Apple is successfully developing its ecosystem. Wondering what new services they might offer in the future? 🤔
Klaus
Marta, you definitely noticed! Services are becoming more and more important. Maybe Apple will launch its own AI assistant? This could give a new impetus to growth.