AAPL Apple Inc

June quarter records for Revenue and EPS

Services revenue reaches new all-time high

Apple® today announced financial results for its fiscal 2024 third quarter ended June 29, 2024. The Company posted quarterly revenue of $85.8 billion, up 5 percent year over year, and quarterly earnings per diluted share of $1.40, up 11 percent year over year.

“Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago,” said Tim Cook, Apple’s CEO. “During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac. We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers’ lives, while leading with the values that drive our work.”

“During the quarter, our record business performance generated EPS growth of 11 percent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders,” said Luca Maestri, Apple’s CFO. “We are also very pleased that our installed base of active devices reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty.”

Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on August 15, 2024 to shareholders of record as of the close of business on August 12, 2024.

Apple will provide live streaming of its Q3 2024 financial results conference call beginning at 2:00 p.m. PT on August 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)

 

 

Three Months Ended

 

Nine Months Ended

 

June 29, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

Net sales:

 

 

 

 

 

 

 

Products

$

61,564

 

$

60,584

 

 

$

224,908

 

$

230,901

 

Services

 

24,213

 

 

21,213

 

 

 

71,197

 

 

62,886

 

Total net sales (1)

 

85,777

 

 

81,797

 

 

 

296,105

 

 

293,787

 

Cost of sales:

 

 

 

 

 

 

 

Products

 

39,803

 

 

39,136

 

 

 

140,667

 

 

146,696

 

Services

 

6,296

 

 

6,248

 

 

 

18,634

 

 

18,370

 

Total cost of sales

 

46,099

 

 

45,384

 

 

 

159,301

 

 

165,066

 

Gross margin

 

39,678

 

 

36,413

 

 

 

136,804

 

 

128,721

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

8,006

 

 

7,442

 

 

 

23,605

 

 

22,608

 

Selling, general and administrative

 

6,320

 

 

5,973

 

 

 

19,574

 

 

18,781

 

Total operating expenses

 

14,326

 

 

13,415

 

 

 

43,179

 

 

41,389

 

 

 

 

 

 

 

 

 

Operating income

 

25,352

 

 

22,998

 

 

 

93,625

 

 

87,332

 

Other income/(expense), net

 

142

 

 

(265

)

 

 

250

 

 

(594

)

Income before provision for income taxes

 

25,494

 

 

22,733

 

 

 

93,875

 

 

86,738

 

Provision for income taxes

 

4,046

 

 

2,852

 

 

 

14,875

 

 

12,699

 

Net income

$

21,448

 

$

19,881

 

 

$

79,000

 

$

74,039

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.40

 

$

1.27

 

 

$

5.13

 

$

4.69

 

Diluted

$

1.40

 

$

1.26

 

 

$

5.11

 

$

4.67

 

Shares used in computing earnings per share:

 

 

 

 

 

 

 

Basic

 

15,287,521

 

 

15,697,614

 

 

 

15,401,047

 

 

15,792,497

 

Diluted

 

15,348,175

 

 

15,775,021

 

 

 

15,463,175

 

 

15,859,263

 

 

 

 

 

 

 

 

 

(1) Net sales by reportable segment:

 

 

 

 

 

 

 

Americas

$

37,678

 

$

35,383

 

 

$

125,381

 

$

122,445

 

Europe

 

21,884

 

 

20,205

 

 

 

76,404

 

 

71,831

 

Greater China

 

14,728

 

 

15,758

 

 

 

51,919

 

 

57,475

 

Japan

 

5,097

 

 

4,821

 

 

 

19,126

 

 

18,752

 

Rest of Asia Pacific

 

6,390

 

 

5,630

 

 

 

23,275

 

 

23,284

 

Total net sales

$

85,777

 

$

81,797

 

 

$

296,105

 

$

293,787

 

 

 

 

 

 

 

 

 

(1) Net sales by category:

 

 

 

 

 

 

 

iPhone

$

39,296

 

$

39,669

 

 

$

154,961

 

$

156,778

 

Mac

 

7,009

 

 

6,840

 

 

 

22,240

 

 

21,743

 

iPad

 

7,162

 

 

5,791

 

 

 

19,744

 

 

21,857

 

Wearables, Home and Accessories

 

8,097

 

 

8,284

 

 

 

27,963

 

 

30,523

 

Services

 

24,213

 

 

21,213

 

 

 

71,197

 

 

62,886

 

Total net sales

$

85,777

 

$

81,797

 

 

$

296,105

 

$

293,787

 

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)

 

 

June 29, 2024

 

September 30, 2023

ASSETS:

Current assets:

 

 

 

Cash and cash equivalents

$

25,565

 

 

$

29,965

 

Marketable securities

 

36,236

 

 

 

31,590

 

Accounts receivable, net

 

22,795

 

 

 

29,508

 

Vendor non-trade receivables

 

20,377

 

 

 

31,477

 

Inventories

 

6,165

 

 

 

6,331

 

Other current assets

 

14,297

 

 

 

14,695

 

Total current assets

 

125,435

 

 

 

143,566

 

 

 

 

 

Non-current assets:

 

 

 

Marketable securities

 

91,240

 

 

 

100,544

 

Property, plant and equipment, net

 

44,502

 

 

 

43,715

 

Other non-current assets

 

70,435

 

 

 

64,758

 

Total non-current assets

 

206,177

 

 

 

209,017

 

Total assets

$

331,612

 

 

$

352,583

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

 

 

 

Accounts payable

$

47,574

 

 

$

62,611

 

Other current liabilities

 

60,889

 

 

 

58,829

 

Deferred revenue

 

8,053

 

 

 

8,061

 

Commercial paper

 

2,994

 

 

 

5,985

 

Term debt

 

12,114

 

 

 

9,822

 

Total current liabilities

 

131,624

 

 

 

145,308

 

 

 

 

 

Non-current liabilities:

 

 

 

Term debt

 

86,196

 

 

 

95,281

 

Other non-current liabilities

 

47,084

 

 

 

49,848

 

Total non-current liabilities

 

133,280

 

 

 

145,129

 

Total liabilities

 

264,904

 

 

 

290,437

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively

 

79,850

 

 

 

73,812

 

Accumulated deficit

 

(4,726

)

 

 

(214

)

Accumulated other comprehensive loss

 

(8,416

)

 

 

(11,452

)

Total shareholders’ equity

 

66,708

 

 

 

62,146

 

Total liabilities and shareholders’ equity

$

331,612

 

 

$

352,583

 

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

 

 

Nine Months Ended

 

June 29, 2024

 

July 1, 2023

Cash, cash equivalents and restricted cash, beginning balances

$

30,737

 

 

$

24,977

 

 

 

 

 

Operating activities:

 

 

 

Net income

 

79,000

 

 

 

74,039

 

Adjustments to reconcile net income to cash generated by operating activities:

 

 

 

Depreciation and amortization

 

8,534

 

 

 

8,866

 

Share-based compensation expense

 

8,830

 

 

 

8,208

 

Other

 

(1,964

)

 

 

(1,651

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

6,697

 

 

 

7,609

 

Vendor non-trade receivables

 

11,100

 

 

 

13,111

 

Inventories

 

41

 

 

 

(2,570

)

Other current and non-current assets

 

(5,626

)

 

 

(4,863

)

Accounts payable

 

(15,171

)

 

 

(16,790

)

Other current and non-current liabilities

 

2

 

 

 

2,986

 

Cash generated by operating activities

 

91,443

 

 

 

88,945

 

 

 

 

 

Investing activities:

 

 

 

Purchases of marketable securities

 

(38,074

)

 

 

(20,956

)

Proceeds from maturities of marketable securities

 

39,838

 

 

 

27,857

 

Proceeds from sales of marketable securities

 

7,382

 

 

 

3,959

 

Payments for acquisition of property, plant and equipment

 

(6,539

)

 

 

(8,796

)

Other

 

(1,117

)

 

 

(753

)

Cash generated by investing activities

 

1,490

 

 

 

1,311

 

 

 

 

 

Financing activities:

 

 

 

Payments for taxes related to net share settlement of equity awards

 

(5,163

)

 

 

(5,119

)

Payments for dividends and dividend equivalents

 

(11,430

)

 

 

(11,267

)

Repurchases of common stock

 

(69,866

)

 

 

(56,547

)

Proceeds from issuance of term debt, net

 

—

 

 

 

5,228

 

Repayments of term debt

 

(7,400

)

 

 

(11,151

)

Repayments of commercial paper, net

 

(2,985

)

 

 

(5,971

)

Other

 

(191

)

 

 

(508

)

Cash used in financing activities

 

(97,035

)

 

 

(85,335

)

 

 

 

 

Increase/(Decrease) in cash, cash equivalents and restricted cash

 

(4,102

)

 

 

4,921

 

Cash, cash equivalents and restricted cash, ending balances

$

26,635

 

 

$

29,898

 

 

 

 

 

Supplemental cash flow disclosure:

 

 

 

Cash paid for income taxes, net

$

19,230

 

 

$

7,020

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801799244/en/

Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142

Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123