Apple today announced its fiscal fourth quarter 2024 (calendar third quarter) revenue results. The Company posted quarterly revenue of $94.9 billion and net quarterly profit of $14.7 billion, or $0.97 per diluted share, compared to revenue of $89.5 billion and net quarterly profit of $23.0 billion, or $1.46 per diluted share, in the year-ago quarter.
While Apple’s revenue actually increased 6% year-over-year, Apple’s profits took a hard hit by a one-time charge of $10.2 billion over tax issues in the European Union. Apple’s profits would have been $1.64 per share, up 12% year-over-year if it hadn’t been forced to pay out that one-time charge.
The company’s gross margin for the quarter was 46.2%, compared to 45.2 percent in the year-ago quarter. Apple’s board of directors also authorized a quarterly dividend payment of $0.25 per share, payable on November 14 to shareholders of record as of November 11.
For the full fiscal year, Apple recorded $391.0 billion in sales and $93.7 billion in net income, compared to $383.3 billion in sales and $97.0 billion in net income for fiscal 2023.
“Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago,” said Tim Cook, Apple’s CEO. “During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection. And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season.”
“Our record business performance during the September quarter drove nearly $27 billion in operating cash flow, allowing us to return over $29 billion to our shareholders,” said Luca Maestri, Apple’s CFO. “We are very pleased that our active installed base of devices reached a new all-time high across all products and all geographic segments, thanks to our high levels of customer satisfaction and loyalty.”
As they’ve done for more than four years, Apple is once again not issuing any guidance for the current quarter, which ends in December.