Apple Surpasses Its Year-Over Revenue Thanks to iPad

Apple presented its financial results corresponds to the third quarter of 2024. Unlike a few months ago, the company exceeded expectations and recorded higher revenue than in the same period in 2023. Although the iPhone did not achieve positive results, it accounted for 46% of total sales in those three months.

The third fiscal quarter was a big one for the company thanks to WWDC 2024. Tim Cook highlighted the announcements made during the developer conference, with a special mention of Apple Intelligence, the company’s CEO said. will continue to invest heavily in artificial intelligence and in innovations that will enrich the lives of users.

“What we did was we redeployed a lot of people in AI who were working on other things,” Tim Cook told the publication. CNBC“Certainly, in our results this quarter, we see an increase in the amount of money we’re spending on artificial intelligence and Apple intelligence compared to last year.”

On the other hand, Luca Maestri stated that Installed base of devices reaches new record high across all geographic segments. Apple’s CFO attributed the achievement to high levels of customer satisfaction and loyalty. The winners in this segment were Mac and iPadwith the latter showing notable growth thanks to the launch of the iPad Pro and iPad Air.

Apple Q3 2024 Results

During the third fiscal quarter (Q3 2024), corresponding to April, May and June, Apple Adds $85.8 Billion into its treasury, which is 5% more than a year ago. Income by product category for this period looks like this:

• iPhone: $39,296 million (-0.94% compared to Q3 2023).
• iPad: $7,162 million (+23.63% compared to Q3 2023)
• Poppy: $7,009 million (-2.46% compared to Q3 2023)
• Wearables, Home & Accessories: $8,097 million (-2.26% compared to Q3 2023)
• Services: $24,213 million (+14.1% compared to Q3 2023)

While Apple’s device sales hit record highs, its revenue in China fell sharply. The Cupertino residents recorded a 6.54% decline compared to 2023 for the Asian giant, while they had positive figures in Europe, the US, Japan and Asia.

In an interview with the media, Apple mentioned that it expects similar growth in the next period (Q4 2024).The most important category will be services, where they forecast growth of 14%, similar to what they have seen over the last two quarters.