Apple has exceeded market expectations with its fiscal 2024 third-quarter earnings, reporting record figures of $85.8 billion in revenue, marking a 5% increase year-on-year despite a decline in iPhone sales.
This impressive performance is in line with rising expectations for Apple’s planned release of the next-generation iPhone, which will have sophisticated artificial intelligence features.
Apple posted quarterly earnings of $1.40 per diluted share, up 11% from the previous year amounting to $21.5 billion in net revenue.
Analyst estimates of $1.34 per share and $20.7 billion in net profits were exceeded by these figures.
The $85.8 billion in revenue also surpassed forecasts, partly due to iPhone sales, which came in at $39.3 billion, the lowest since September 2021 but still somewhat over estimates.
“During the quarter, our record business performance generated EPS growth of 11 percent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders,” said Luca Maestri, Apple’s Chief Financial Officer(CFO). “We are also very pleased that our installed base of active devices reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty,” Apple said.
A cash dividend of $0.25 per share of Apple’s common stock was issued by the board of directors. The dividend is payable on August 15, 2024, to shareholders of record as of the close of business on August 12, 2024.
Meanwhile, Apple’s revenue from Greater China, which was previously a significant growth region, declined for the fourth straight quarter, falling 7% year over year to $14.73 billion.
