The launch of various hardware allowed Apple to post some healthy revenue figures for its Q3 2024 earnings call, with the latest statistics revealing that the California-based giant walked happily to the bank with a profit of $21.4 billion over revenue of $85.8 billion. The company managed to beat Wall Street expectations in every segment, but not every category managed to deliver better results than the previous quarter, as you will soon find out.
Apple’s biggest revenue generator, the iPhone, brought in a slightly lower revenue than the same period a year ago, but the iPad surprised everyone, likely due to the release of newer models
The technology giant’s Q3 2024 revenue was higher than the $81.80 billion it generated during the same quarter a year ago, with earnings per share increased to $1.40 as opposed to $1.26 in Q3 2023. Where Apple’s iPhone segment made up 50.6 percent of the total revenue for its Q2 2024 earnings, or $45.96 billion, the same category brought in a lower $39.3 billion, or 45.7 percent of the total. This statistic may have beaten Wall Street expectations, but it is lower than what Apple made in Q3 2023, which was $39.67 billion.
Fortunately, thanks to the M2 iPad Air and M4 iPad Pro launches, Apple received some financial cushion. The new tablet releases brought in $7.16 billion, up from $5.79 billion a year ago, with the Mac range bringing in $7.01 billion, making it a slight increase from $6.84 billion it generated in Q3 2023. As for the Wearables, Home and Accessories category, Apple’s Q3 2024 earnings saw revenue of $8.09 billion, which decreased from $8.28 billion a year ago.
Services has proven to be yet again a reliable source of income for Apple, as the segment’s revenue moved to $24.2 billion, marking an increase from $21.21 billion in Q3 2023. Apple’s gross margin for the quarter was 46.3 percent, compared to 44.5 percent a year ago, and if you want to learn more about the company’s earnings for this period, you can visit the newsroom page on its website to gain more information.
About the author: Omar Sohail is a reporter and analyst for Wccftech's mobile section, specializing in the technology and business of the mobile industry. His expertise lies in the intricate hardware supply chain, covering developments in semiconductor manufacturing, chip lithography, and camera sensor technology.
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