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Apple earnings live updates: Revenue and profits top Wall Street estimates [Business Insider]

Apple Inc. just released its fiscal fourth-quarter earnings, and the numbers are beating expectations. The tech giant reported revenue of $94.9 billion for the quarter ending September 28, 2024, surpassing Wall Street’s consensus estimate of $94.6 billion. Profits also came in strong, with earnings per share (EPS) at $1.64, compared to the predicted $1.60. This marks a solid performance amid a mixed global economy, driven by strong iPhone sales, record Services revenue, and growing momentum in emerging markets.

iPhone Sales Remain the Anchor

The iPhone remains Apple’s cash cow. Revenue from the smartphone line hit $46.2 billion, slightly above analyst projections of $45.5 billion. This is a 5% increase year-over-year, despite concerns about a slow upgrade cycle. Apple CEO Tim Cook noted in the earnings call that the iPhone 15 lineup, particularly the Pro and Pro Max models, saw “strong demand” in both developed and developing regions. The company also highlighted that iPhone sales in India and Southeast Asia reached new highs, helping offset sluggishness in China, where revenue dipped 2% due to local competition from Huawei and other Android brands.

Services Revenue Hits a Record

Apple’s Services segment—which includes the App Store, Apple Music, iCloud, and Apple TV+—continues to be a growth engine. Revenue from services hit $22.3 billion, a 16% jump from last year and well above the $21.8 billion expected. This is now the second-largest revenue driver for the company, after the iPhone. Cook attributed the growth to a larger installed base of active devices, which now exceeds 2.2 billion. “Our ecosystem is stronger than ever,” he said. “People are not just buying hardware; they are subscribing to services that enhance their daily lives.”

Wearables, Home, and Accessories Show Mixed Results

The Wearables, Home, and Accessories segment, which includes the Apple Watch, AirPods, and the Vision Pro, generated $8.5 billion in revenue. That’s a 3% decline from last year, missing the $8.7 billion consensus. Analysts pointed to the high price point of the Vision Pro, which launched earlier this year, as a drag on growth. However, Apple Watch Series 9 sales were solid, and AirPods Pro saw a boost from the introduction of a USB-C version. Cook said the company remains “optimistic” about wearables long-term, especially with health-focused features.

Mac and iPad: Steady but Not Spectacular

The Mac lineup brought in $7.8 billion, slightly above the $7.6 billion estimate. This is a 2% increase year-over-year, aided by the launch of new M3-powered iMacs and MacBook Pros. The iPad segment, however, continued to struggle, posting $6.4 billion in revenue—down 10% from last year and below the $6.6 billion forecast. Cook admitted that the tablet market is “mature,” but he hinted at new models with “significant upgrades” in the pipeline for early 2025.

Geographic Breakdown: A Tale of Two Markets

Geographically, the Americas remained Apple’s strongest region, with revenue of $40.1 billion, up 4%. Europe grew 6% to $24.5 billion. The big surprise was Greater China, which generated $15.1 billion—down 2% but still above the $14.8 billion that some analysts feared. Cook credited promotional pricing and aggressive trade-in programs for the resilience. India, now Apple’s fifth-largest market, posted record revenue growth of 20%, fueled by local manufacturing incentives and a growing middle class.

Profitability and Margins

Apple’s gross margin came in at 45.2%, slightly above the 44.8% expected. This is a healthy number, reflecting cost controls and a shift toward higher-margin services. Net income was $23.6 billion, up 3% from $22.9 billion a year ago. The company also announced a $110 billion share buyback authorization, signaling confidence in its cash flow. CFO Luca Maestri said Apple expects “continued growth in total revenue” for the December quarter, though he cautioned about currency headwinds from a strong U.S. dollar.

Investor Reaction and Outlook

Shares of Apple rose about 2% in after-hours trading following the earnings release. The stock has gained roughly 30% year-to-date, outperforming the broader S&P 500. Analysts on the call pressed Cook about the company’s AI strategy. He declined to give specifics but said Apple is “investing significantly” in generative AI and plans to share more details “at the appropriate time.” This has fueled speculation that iOS 19, expected next year, will include major AI-driven features like a smarter Siri and enhanced photo editing tools.

Final Takeaways

Overall, Apple’s earnings show a company that is still dominating the consumer tech landscape, even as it faces headwinds in China and a mature tablet market. The services business is becoming a profit powerhouse, iPhone sales remain resilient, and emerging markets like India offer a long runway for growth. For investors, the question remains whether Apple can sustain this momentum without a major new product category—but for now, the numbers speak for themselves.

Stay tuned for more updates as we continue to track Apple’s performance through the holiday quarter.

Ahmed Abed – News journalist

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