Apple Defies Odds, Posts $85.8bn Revenue Despite Iphone Sales Dip

Technology giant, Apple, has announced a record fiscal 2024 third-quarter earnings, reporting $85.8 billion in revenue, a 5% increase year-on-year, despite a decline in iPhone sales.

The company’s quarterly earnings of $1.40 per diluted share, an 11% increase from the previous year, translated to a net income of $21.5 billion.

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Apple’s Chief Financial Officer, Luca Maestri, said, “During the quarter, our record business performance generated EPS growth of 11 percent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders.”

He added, “We are also very pleased that our installed base of active devices reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty.”

Despite the challenges, Apple achieved its highest-ever June quarter figures in both earnings per share and revenue. The market responded positively, with Apple shares climbing approximately 1% in after-hours trading.

However, Apple’s revenue from its Greater China region fell by 7% year-on-year to $14.73 billion, marking the fourth consecutive quarterly decline.

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Analysts predict a resurgence in iPhone sales later this year with the release of the iPhone 16, which will feature a generative artificial intelligence operating system exclusive to newer models. Consensus estimates suggest iPhone sales could reach a record $73 billion during the 2024 holiday quarter.