- Apple posts record-breaking $85.8 billion quarterly revenue in Q3 FY24, despite a slight dip in iPhone sales.
- The services division continues to be a growth powerhouse, surging 14% to offset iPhone challenges.
- Anticipation builds for iPhone 16 launch, expected to reinvigorate smartphone sales.
Apple delivered solid financial results for its third quarter of financial year 2024, surpassing analyst expectations and setting a new revenue record despite headwinds with iPhone sales.
The company's overall revenue grew by 5% year-over-year to $85.8 billion, driven primarily by strong performance in services and iPad sales. The company also reported earnings per share of $1.40, translating to a net income of $21.5 billion, surpassing analyst expectations.
While these headline numbers are impressive, a closer look reveals a mixed performance. The iPhone, once the undisputed driver of growth, saw revenue decline by 1% to $47.7 billion compared to the same period last year. This downturn was particularly pronounced in China, where sales dropped 6.3% to $14.7 billion. This marks the fourth consecutive quarter of decline in China, highlighting the intense competition from domestic rivals like Huawei.
