Apple will report fourth-quarter 2024 financial results on Halloween
By ForGeeks Apple will release results for the fourth quarter and full fiscal year October 31, Halloween Day. The presentation will be followed by a traditional conference call with investors and analysts at 5 p.m. Eastern Time.
The presentation will be followed by a traditional conference call with investors and analysts at 5 p.m. Eastern Time.
The conference will be led, as usual, by CEO Tim Cook and CFO Luca Maestri, for whom this will be his last appearance as CFO. He will be replaced by 2025 Kevan Parekh from 2025.
He will be replaced by Kevan Parekh.
Financial results for the third and fourth quarters of 2024
The fourth quarter covers the period through the end of September, which includes the release of a number of new products. However, their late release will have little impact on current financial results, and their effects will be visible as early as the first quarter of 2024-2025 fiscal year. For example, the new iPhone 16, as well as AirPods Max and AirPods with USB-C, Apple Watch Series 10, and Apple Watch Ultra 2 in black color came out September 20, and their sales will be significant for the first quarter of 2025, especially during the holiday season, when sales are typically highest.
On the other hand, products released in the third quarter will have a greater impact on fourth quarter results as their sales continued throughout the quarter. These include the updated iPad Pro based on the M4, the iPad Air with the M2 processor, and the Apple Pencil Pro. The third quarter was also unusually quiet in terms of Mac releases. There are expectations that Apple will hold another Mac and iPad event in October, but it will be too late to affect fourth-quarter results.
Apple will hold another Mac and iPad event in October, but it will be too late to affect fourth-quarter results.
Results for the same period last year through the fourth quarter of 2023
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The fourth quarter 2023 results will be the benchmark against which analysts will compare the 2024 data. In the fourth quarter of 2023, Apple reported revenue of $89.5 billion, down 0.7% from the same period in 2022. Meanwhile, earnings per share totaled $1.46.
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Sales of iPhone grew 2.8% year-over-year to $43.8 billion. The Services business line continued its steady growth, increasing by 16.3% to $22.3 billion. However, other divisions showed declines. Sales of iPad totaled $6.4 billion, down 10.2% from 2023, and sales of Mac fell 33.8% to $7.6 billion. The Wearables, Home and Accessories division fell 3.4%, to $9.3 billion. The fourth quarter of 2023 should have benefited from full sales of products released in the third quarter of 2024, such as the M2 Max and M2 Ultra for Mac Studio, the new Mac Pro with Apple Silicon and 15-inch MacBook Air, as well as updates to the iPhone 15 family, AirPods Pro with USB-C, and Apple Watch Series 9.
The last quarter is the third quarter of 2024
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In the third quarter of 2024, Apple significantly improved its performance compared to the third quarter of 2023, beating Wall Street expectations on most aspects. Revenue for the period was $85.78 billion and earnings per share were $1.40.
Apple was a strong performer.
Sales of iPhone totaled $39.3 billion, down 0.9% year over year. The only other category that showed no growth was Wearables, Home and Accessories, which declined 2.3%, to $8.01 billion. At the same time, iPad showed strong growth, rising 23.7% to $55.6 billion, Mac rose 2.5% to $7.45 billion, and Services increased 14.1% to $23.9 billion.
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Annual Results
The fourth quarter typically marks the release of full fiscal year results, just before the busy holiday sales season. In 2023 fiscal year, Apple achieved gross revenue of $383.3 billion, down 2.8% from its record 2022 result. Gross profit was $169.1 billion, down 1% year-over-year. For the first three quarters of 2024, Apple reported revenue of $296.1 billion and gross profit of $136.8 billion.
Apple reported revenue of $296.1 billion and gross profit of $136.8 billion.
