Apple Q4 Earnings
- Gaargi Bora
- Sep 22, 2024
- 1 min read
APPLE
Apple’s fourth-quarter results were released on November 2nd, 2023. Although the fiscal quarter ended on September 30th, the financial results conference call took place on 11/2. The consumer electronics company reported an all-time revenue record in Services (“Music, movies, TV shows, stickers, books, and app purchases”).
The fiscal results beat analyst expectations in sales and earnings per share, but overall revenue fell for the fourth quarter in a row. Outside of iPhone sales, in many other areas have continuously declined, especially in iPad and Mac segments.
EPS growth reached double digits in the September quarter, paying nearly $25 billion to shareholders while continuing to invest in new products. The board of directors stated a cash dividend of $0.24 per share of the common stock.
Tim Cook, Apple’s CEO, was pleased to report a September quarter revenue record for the iPhone, as their flagship product performed better than expected. The updates (especially USB-C charging ports) played a vital role, as iPhone 15 sales surpassed the iPhone 14 in double digits.
Overall revenue for the fourth quarter dropped by 1 percent year over year, causing the longest “slump” since 2001. Mac sales are one of the biggest causes of this, alongside iPads, as they experienced a double-digit percent fall year over year.
Cook still expressed optimism for the upcoming holiday season, referencing the iPhone 15 and new carbon-neutral Apple Watches. He also believes in a strong market for Macs next quarter, with the M3 chip and new products.
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