Author Chen Guanrong | Publishing Date: August 2, 2024 8:49 | Category: Apple, iPad, iPhone

Apple released its Q3 financial report for 2024 (April to June), with revenue and earnings exceeding market expectations, and overall revenue growing by 5%.

Apple is currently conducting public testing for the upcoming iOS 18, iPadOS 18, tvOS 18, macOS Sequoia, and watchOS 11. These system updates for iPhone, iPad, and Mac also represent Apple's strong push into the field of generative AI, including integration with OpenAI ChatGPT. Apple plans to introduce Apple Intelligence in iOS 18.1.

Before the start of selling the new iPhone models to consumers this fall, Apple cannot yet discuss the impact of the latest Apple Intelligence on new device sales. However, CEO Tim Cook stated that Apple has increased spending to prepare for the launch of the service.

"What we're doing is redeploying many employees who were originally working on other things into the AI field," Cook told CNBC. "From a data center perspective, we have a mixed approach. So, we have our own data centers as well as partnerships. Some of the capital expenditures will show up on the balance sheets of our partners, and we would pay for that."

The iPhone business accounts for approximately 46% of Apple's overall revenue, bringing in $39.3 billion, which is higher than other product lines but a decrease of 1% compared to the same period last year, when it was $39.67 billion. As for the Mac business, revenue was $7 billion, a 2% increase from last year.

After Apple's recent release of the latest iPad Pro and iPad Air a few months ago, the new products significantly boosted the iPad business, bringing in $7.16 billion, a 24% increase. Cook stated that approximately half of iPad buyers were first-time purchasers, indicating that the tablet market is not yet saturated.

As of June 29, 2024, Apple's Q3 financial data compared to the expected data from LSEG (formerly known as Refinitiv) is as follows:

1.Revenue approximately $85.78 billion, a 4.87% increase from the previous year, higher than LSEG's expected $84.53 billion.
2.Diluted EPS (earnings per share) of $1.4, higher than the previous year's $1.26 and also higher than LSEG's expected $1.35.
3.Gross margin of 46.3%, higher than LSEG's expected 46.1%.

▲ Apple releases its third-quarter financial report for 2024. (Source: Apple)

• Apple sales rise 5%, topping estimates as iPad and Services revenues jump
• iPad sales rebound as Apple nears big push into AI
• Apple reports record Q3 2024 earnings with $85.78 billion in revenue

（(Main image source: Samsung)：Apple）