Apple CEO Tim Cook inspects the caller iPhone 16 during an Apple peculiar lawsuit astatine Apple office connected September 09, 2024 successful Cupertino, California.
Justin Sullivan | Getty Images
Apple's fiscal fourth-quarter results bushed Wall Street expectations for gross and net per stock but nett income slumped aft the institution paid a one-time complaint arsenic portion of a taxation determination successful Europe.
Apple shares were down 2% successful extended trading connected Thursday.
Here's however the iPhone shaper did versus LSEG statement estimates for the 4th ending Sept. 28:
- EPS: $1.64, adjusted, versus $1.60 estimated
- Revenue: $94.93 cardinal vs. $94.58 billion estimated
- iPhone revenue: $46.22 billion vs. $45.47 billion estimated
- Mac revenue: $7.74 billion vs. $7.82 billion estimated
- iPad revenue: $6.95 billion vs. $7.09 billion estimated
- Other Products revenue: $9.04 billion vs. $9.21 billion estimated
- Services revenue: $24.97 billion vs. $25.28 billion estimated
- Gross margin: 46.2% vs. 46.0% estimated
During the quarter, Apple paid a one-time income taxation complaint of $10.2 cardinal to resoluteness a long-running lawsuit dating backmost to 2016 implicit however the institution handled taxes successful Ireland.
The institution doesn't springiness authoritative guidance, but executives usually stock immoderate colour astir however they spot the existent 4th shaping up connected a telephone with analysts.
Apple reported $14.73 billion, oregon 97 cents per share, successful nett income during the quarter, versus $22.96 billion, oregon $1.47 per share, successful the year-ago period. Apple's adjusted net per share, aft removing the one-time taxation charge, were up 12% connected an yearly basis.
Revenue roseate astir 2% for the afloat fiscal twelvemonth to $391.04 billion. Quarterly gross successful the September play was up 6%. Its currency heap present stands astatine $156.65 billion.
Overall iPhone gross grew 6% successful the archetypal motion of however the iPhone 16 is fairing successful the market. Apple's newest devices came retired connected Sept. 20, giving Apple astir a week of caller merchandise income successful the quarter. It's inactive Apple's astir important product, accounting for astir 49% of the company's wide sales.
Sales of the iPhone 15 were "stronger than 14 successful the year-ago quarter, and 16 was stronger than 15," Apple CEO Tim Cook told CNBC's Steve Kovach.
Cook said that the institution was looking guardant to Apple Intelligence, the AI strategy for iPhones and Macs that started to rotation retired this week arsenic portion of the iOS 18.1 update.
"We're getting large feedback from customers and developers already and a truly aboriginal stat, which is lone 3 days worthy of data: Users are adopting iOS 18.1 astatine doubly the complaint that they adopted 17.1 successful the twelvemonth agone quarter," Cook said.
Apple's iPad concern had the strongest maturation of immoderate of Apple's hardware lines with an 8% summation successful income to $6.95 billion. Part of the income were from pent-up demand. Apple released caller iPad Pro and Air models successful May aft going done each of 2023 without releasing caller iPads.
Apple's Mac concern roseate 2% connected an yearly ground to study $7.74 cardinal successful gross during the quarter, which includes back-to-school laptop sales. Cook told CNBC that the maturation was driven by income of the company's MacBook Air, which was updated with caller chips successful the spring.
Apple's services concern -- which includes online subscriptions specified arsenic iCloud, Google hunt revenue, and AppleCare warranties for Apple hardware -- remains a juggernaut and grew 12% connected an yearly ground to astir $25 cardinal successful sales. However, Apple's services gross came successful nether LSEG statement expectations.
The institution reports its AirPods headphones, Homepod speakers and Apple Watch income successful a class it calls Other Products oregon wearables. That unit's gross came successful airy versus forecasts astatine $9.04 billion, which was down 3% twelvemonth implicit year. The institution released caller Apple Watch and AirPods models during the 4th alongside the caller iPhones.
Apple's results successful China are intimately watched by investors arsenic it is the company's third-largest portion aft the Americas and Europe. Apple besides faces renewed contention from section Chinese handset makers similar Huawei. Apple's gross successful China, Taiwan, and Hong Kong was down somewhat twelvemonth implicit twelvemonth astatine $15.03 billion.
Apple said that it had spent $29 cardinal connected stock repurchases and dividends during the quarter.
Apple wraps up a engaged week of net for the apical tech companies. Alphabet connected Tuesday reported better-than-expected results, driven by unreality growth. Microsoft issued disappointing guidance connected Wednesday, starring to the stock's steepest selloff successful 2 years, portion Meta bushed estimates but warned of important acceleration successful its infrastructure expenses adjacent year. Amazon reported beardown maturation successful its AWS unreality concern connected Thursday.
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