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The iPhone stagnated but saved the iPad: Apple reported record quarterly revenue of $86 billion

The iPhone stagnated but saved the iPad: Apple reported record quarterly revenue of $86 billion
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In the third quarter of the 2024 financial year, Apple set a record with a revenue of $85.8 billion (5% higher than the same period last year), while net profit reached $21.45 billion.

iPhone sales, facing strong competition from local manufacturers in China, declined by 6% in the country, whereas the MacBook Air and iPad showed growth — most Chinese buyers were new to Apple, indicating that the company continues to attract a "fresh" customer base.

At the same time, CEO Tim Cook noted that the iPhone remains the top seller in the urban Chinese market, which is significant because city residents typically have higher incomes.

As for overall performance, iPhone sales decreased by 1%, while Mac and iPad sales grew by 2% and 24% respectively (the latter growth was achieved thanks to the debut of new models).

The iPhone continues to be a crucial segment for Apple, accounting for approximately 46% of the company's total sales during the quarter.

“We have consistently grown year over year. We look at this from an operational perspective,” says Apple CEO Tim Cook.

Key Revenue Metrics for Apple in Q3

  • Total revenue: $85.78 billion
  • Net profit: $21.45 billion
  • iPhone: $39.30 billion
  • Mac: $7.01 billion
  • iPad: $7.16 billion
  • Wearables, Home, and Accessories: $8.10 billion
  • Services: $24.21 billion

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