Apple's Q4 Revenue Rises 6%, But Profit Drops 36% Year-over-Year
Apple's Q4 Revenue Rises 6%, But Profit Drops 36% Year-over-Year
Apple's Q4 Revenue Rises 6%, But Profit Drops 36% Year-over-Year
Apple Inc. reported its financial results for the fourth quarter of fiscal 2024 (September to December 2023), with total net revenue reaching $94.93 billion, a 6% year-over-year increase. However, net profit saw a significant decline, dropping to $14.736 billion from $22.956 billion in the same period of 2023, representing a 36% year-over-year decrease.
While the overall revenue performance was strong, Apple's profit decline was primarily attributed to a decrease in iPhone business profitability. Although iPhone revenue reached $46.222 billion, up 5.2% year-over-year and exceeding analyst expectations of $45.47 billion, the decline in profit margin led to a significant drop in overall profit.
Following the release of its financial results, Apple CEO Tim Cook expressed confidence in the performance of the iPhone 16 series during a conference call, stating that sales of the series were stronger in September 2024 than the iPhone 15 series in the same period. Cook also noted that Apple would be accelerating the rollout of AppleIntelligence to more countries/regions, while ensuring that localization wouldn't compromise quality. The introduction of AppleIntelligence has accelerated the pace of new system updates, with iOS 18.1 even being rolled out twice as fast as iOS 17.1.
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