Apple closed its fiscal fourth quarter 2024 with remarkable resilience, posting record September quarter revenue of $94.9 billion despite a massive one-time tax charge that impacted net income. The tech giant’s performance demonstrates strong demand for the iPhone 16 lineup and robust Services growth, positioning the company solidly heading into the crucial holiday shopping season.
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Apple Q4 2024 Financial Results Breakdown
Apple reported its fiscal Q4 2024 earnings for the quarter ending September 28, 2024, showcasing 6% year-over-year revenue growth. However, a significant €13 billion tax payment to Ireland following a European Court of Justice ruling created an unusual financial picture for the quarter.
| Metric | Q4 2024 | Year-over-Year |
|---|---|---|
| Total Revenue | $94.9 billion | +6% |
| Net Income (GAAP) | $14.73 billion | Down significantly |
| Adjusted Net Income | $25 billion | Strong performance |
| EPS (GAAP) | $0.97 | Impacted by tax |
| Adjusted EPS | $1.64 | +12% YoY |
| iPhone Revenue | $46.2 billion | +6% |
| Services Revenue | $25 billion | +12% (all-time record) |
| Mac Revenue | Up 2% | Steady growth |
| iPad Revenue | Growth reported | Strong quarter |
| Wearables/Accessories | Slight decline | Market challenges |
| Operating Cash Flow | $26.8 billion | September quarter record |
| One-time Tax Charge | $10.2 billion | EU State Aid decision |
| Shareholder Returns | $29 billion | Dividends + buybacks |
| Cash Position | $156.65 billion | Strong balance sheet |
Strong Product Performance and Apple Intelligence
The iPhone 16 lineup, launched on September 13 with deliveries starting September 20, gave Apple about a week of new product sales in the quarter. CEO Tim Cook noted that iPhone 16 sales were stronger than iPhone 15 in the comparable period, indicating healthy demand despite the short sales window.
Services reached an all-time high of $25 billion, maintaining the segment’s position as Apple’s second-largest revenue driver and most profitable business unit with 74% gross margins. The company now boasts over 1 billion paid subscriptions growing at double-digit rates, creating a massive recurring revenue foundation.
Apple Intelligence, the company’s AI system for iPhones and Macs, began rolling out during the quarter as part of iOS 18.1. Early adoption metrics impressed analysts, with iOS 18.1 being adopted twice as fast as iOS 17.1 in the year-ago quarter, suggesting strong user interest in Apple’s privacy-focused AI features.
The installed base of active Apple devices reached an all-time high across all products and geographic segments, driven by exceptional customer satisfaction levels measured at 98% for iPhone 15 family users. This expanding ecosystem strengthens Apple’s Services business and creates powerful network effects for future growth.
Despite challenges including the massive tax charge and slight declines in Wearables, Apple returned over $29 billion to shareholders through $25 billion in share repurchases and $3.8 billion in dividends. For detailed investor information, visit Apple’s Investor Relations page and stay updated on tech earnings at TechnoSports.
FAQs
What was Apple’s revenue in Q4 2024?
Apple reported record September quarter revenue of $94.9 billion, up 6% year-over-year.
Why was Apple’s net income lower in Q4 2024?
A one-time $10.2 billion tax charge from an EU court decision impacted GAAP earnings; adjusted EPS grew 12%.
