Apple iPhone 16 is a 'hit', and this may be the proof

Apple has released its earnings report for fiscal Q4 2024. Apple’s fiscal fourth-quarter results beat Wall Street expectations for revenue and earnings per share. The company reports $94.93 billion in revenue during the three-month period, up 6% year-over-year. This sets a new September quarter revenue record. For comparison, Apple reported $89.5 billion in revenue in the same quarter last year.

Apple’s fiscal fourth quarter began on June 30 and came to a close on September 28. The iPhone 16 went up for pre-order on September 13 along with the Apple Watch Series 10 . As usual, fiscal Q4 can provide an early look at the performance of a new iPhone model, but the numbers don’t paint a full picture, but they do tell that iPhone sales continue to boom.

Apple doesn’t report unit sales for its products, but instead reports a breakdown of revenue by product category. Here is the full breakdown of the most important numbers:

* Total revenue: $94.93 billion (up 6% year-over-year)

* iPhone: $46.22 billion (up 5.5% year-over-year)

* Mac: $7.74 billion (up 1.71% year-over-year)

* iPad: $6.95 billion (up 7.87% year-over-year)

* Wearables, Home, and Accessories: $9.04 billion (down 3% year-over-year)

* Services: $24.97 billion (up 11.91% year-over-year)

* Apple's cash pile now stands at $156.65 billion.

Apple CEO Tim Cook termed Apple’s performance in the fourth quarter of 2024 along with the introduction of the iPhone 16 and other new hardware as the 'best ever'. “Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago. During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection. And this week, we released our first set of features for Apple Intelligence , which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season,.” said Cook.


Apple CFO Luca Maestri added, “Our record business performance during the September quarter drove nearly $27 billion in operating cash flow, allowing us to return over $29 billion to our shareholders. We are very pleased that our active installed base of devices reached a new all-time high across all products and all geographic segments, thanks to our high levels of customer satisfaction and loyalty.”


There was, however, a $10 billion hut to Apple’s earnings this quarter. Apple’s earnings this quarter include a one-time income tax charge after it was ordered to pay €13B in back tax to the Ireland government. That number equates to $10.2 billion.