Apple reports strong financials, record iPhone sales, and all-time high services revenue

From CNBC: 2024-10-31 21:26:04

Apple reported a strong fiscal 2024 fourth-quarter revenue of $94.93 billion, beating estimates by the LSEG. Adjusted earnings per share were $1.64, surpassing LSEG’s estimate of $1.60. The company experienced growth in most markets, with the Americas, Europe, and Rest of Asia Pacific achieving revenue records. iPhone sales hit a record with an all-time high installed base. Services revenue also reached an all-time high. Apple’s net cash neutral strategy allows for continued funding of dividends and buybacks. The company returned over $29 billion to shareholders in the quarter. The growing installed base of active devices is driving strong engagement with Apple’s services. Apple’s guidance for the December quarter includes a low-to-mid-single-digit revenue increase and double-digit growth in Services revenue. The gross margin is projected to be between 46% and 47%. Apple’s stock is down but demonstrates long-term potential for investors.



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