Apple has just released its financial results for the third quarter of 2024, showing impressive numbers.
The company's revenue hit a record $92.4 billion, marking a 6% increase compared to the same period last year and slightly surpassing analysts' expectations of $92 billion.
However, this quarter also came with a penalty cost, as Apple had to pay a $13.8 billion fine.
In September, the Court of Justice of the European Union ruled that Apple owed Ireland $13 billion in back taxes due to alleged illegal tax advantages.
While this fine impacted the overall results, Apple still reported a net income of $15.6 billion for the quarter, according to Mobilsiden.
Product Contributions to Revenue
While Apple doesn’t disclose individual sales figures for its devices, it does provide detailed revenue by product category:
iPhone: $45 billion (+5.5%)
Mac: $7.5 billion (+1.7%)
iPad: $6.8 billion (+7.9%)
Wearables, Home, and Accessories: $8.8 billion (-3%)
Services: $24.3 billion (+11.9%)
The iPhone and Services categories were the largest contributors to growth, with Services—covering subscriptions to iCloud, Apple Music, and the App Store—growing nearly 12%.
Despite these strong results, Apple saw a 1.7% drop in its share price in after-market trading. Concerns over declining demand in China have also unsettled investors.
