Apple has announced its financial results for the third quarter of 2024, revealing a whopping $85.8 billion of revenue, up 5% YoY.
Apple CEO Tim Cook said in a press release, “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."
The arrival of Apple Intelligence is a very exciting time for Apple's products as consumers look to finally get their hands on Apple's take on consumer-focused AI.
Dustin Curtis on X broke down Apple's quarterly financial results to make it more digestible for the average human: "During the last three months, they (Apple) made $953.1 million in revenue and $238.2 million in net profit every single day."
"That's roughly $1 billion profit every four days. Just insane."
Apple's successful quarter
Apple CFO Luca Maestri said, “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,”
He would go on to note that the install base of active devices has "reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty.”
These quarterly results are very positive for Apple, bolstered by Services revenue (Apple Music, Apple TV Plus, iCloud+, etc) reaching a new all-time high. With the arrival of the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max in just a couple of months there's plenty more to get excited about as the company looks to build on this successful third quarter.