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Apple reports stronger than expected iPhone sales during the fiscal fourth quarter

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Apple reports stronger than expected iPhone sales during the fiscal fourth quarter

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Apple reports stronger than expected iPhone sales during the fiscal fourth quarter


Apple reported its fiscal fourth-quarter earnings today, and with some devices Apple beat Wall Street expectations. At $46.22 billion, iPhone revenue for the fiscal fourth quarter was up 6% year-over-year and also topped Wall Street expectations of $45.47 billion. On CNBC, Apple CEO Tim Cook said that iPhone 15 sales during the fiscal fourth quarter were “stronger than 14 in the year-ago quarter, and 16 was stronger than 15.” For all of fiscal 2024, Apple generated $201.18 billion in revenue from the iPhone which was a puny .2% annual gain.

The tech giant failed to meet estimated fiscal fourth quarter revenue for the iPad of $7.09 billion. Instead, Apple collected $6.95 billion in revenue for its tablets which was still up a solid 7.9% year-over-year. For the entire fiscal year, iPad sales amounted to $26.69 billion which was off 6% from fiscal 2023. After not releasing any tablets in fiscal 2023, fiscal 2024 saw the release of two M4-powered OLED iPad Pro models, two new iPad Air units including a new 11-inch model, and the iPad mini (A17 Pro) with a newer chipset and support for Apple Intelligence.

The Wearables, Home and Accessories category, which includes AirPods and the Apple Watch, took in $9.04 billion in gross during fiscal Q4. That was down from the $9.32 billion the segment reported in revenue for the same quarter last year. The unit grossed $37.01 billion for all of fiscal 2024 which was down from the $39.85 billion in revenue it had last year.

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The Services group continued to be strong although it failed to beat estimates of $25.28 billion. The actual fiscal fourth quarter revenue number was $24.97 billion topping last year’s top-line of $22.31 billion. During all of fiscal 2024, the Services unit, which includes Apple Pay, Apple TV+, the App Store, Apple Music, and more, generated $96.17 billion in revenue.

Sales rose in all regions year-over-year during the fiscal fourth quarter except for Greater China. The same pattern repeated itself during the entire fiscal year. Sales in the Americas rose 3.8% during the fiscal fourth quarter and 2.7% in fiscal 2024. European sales gained 11% year-over-year during the fiscal fourth quarter and 7.46% during the complete fiscal year of 2024. Sales in Greater China were slightly lower year-over-year for the quarter and fell 7.73% for fiscal 2024.

Overall company revenue of $94.93 billion for fiscal Q4 topped estimates of $94.58 billion and were up 6% year-over-year for the quarter. For the entire year, Apple had gross of $294.97 billion which was off from fiscal 2023’s $298.09 billion. Net income declined on a quarterly basis from last year’s $22.96 billion for the 2023 fiscal fourth quarter to the $14.74 billion reported for this year’s fiscal fourth quarter. For the year, net reached $93.74 for all of fiscal 2024 from fiscal 2023’s $97 billion.

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Earnings per share (EPS) for the fiscal fourth quarter fell to 97 cents from $1.47 during Q4 last year. For all of fiscal 2024, EPS came in at $6.11 versus $6.16 for fiscal 2023.

Despite what appears to be a positive fourth quarter and fiscal year, Apple’s shares dropped $3.93 or 1.74% to $221.98 in after-hours trading following the release of the report.



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