Apple released its fiscal fourth-quarter 2024 results on 31 October, marking a 6% year-over-year revenue increase to US$94.9bn, which slightly exceeded analyst expectations of US$94.4bn. The company reported diluted earnings per share of US$0.97, or US$1.64 when adjusted for a one-time tax charge, surpassing the expected US$1.60.
A highlight of the results was the iPhone segment, which grew to US$46.2bn from US$43.8bn in the same quarter last year. This growth was largely fuelled by the early release of the iPhone 16, which introduced enhanced AI-driven features through what Apple has branded as “Apple Intelligence.” This new AI functionality provides smarter capabilities in areas such as voice recognition, image processing, and personalised recommendations, and aids in tasks like photo organisation.
Beyond iPhone sales, Apple’s services division reached an all-time high, bringing in US$24.9bn — a 12% increase year-over-year. This segment, which includes iCloud, Apple Music, the App Store, and the ever-growing Apple TV+, continues to be a robust revenue driver. In total, Apple reported a 13% rise in monthly active platform consumers, reaching 161 million.
Despite a positive quarter, the slower-than-anticipated adoption of Apple Intelligence and broader AI development strategies remain topics of concern for some investors. Also, there is mixed performance across certain product lines, even as the company expands in other areas. Sales in China, for instance, remained stable at US$15bn after several quarters of declines, signalling some recovery in the region but remaining a point of watchfulness for investors.