Apple’s Q4 2024 earnings have surpassed Wall Street estimates at $89.5 billion USD (roughly $122 million CAD) — however, this number is also down one percent year-over-year. For the full fiscal year, Apple recorded revenue of $383.3 billion (about $526.5 billion CAD), a decrease from $394.3 billion (about $541 billion CAD) the year prior.
The tech giant’s iPhone sales hit $43.8 billion USD (about $60.1 billion CAD), surpassing expectations and setting a new record for Q4 iPhone sales earnings, spurred by the release of the iPhone 15 and iPhone 15 Pro. Apple’s services revenue — including the App Store, Apple TV+, Apple Music, iCloud, Apple Arcade and more — also hit $22 billion USD (roughly $30 billion CAD) for the first time, beating expectations by nearly $1 billion (about $1.3 billion CAD). On the other hand, iPad revenue fell to $6.4 billion USD (approximately 8.7 billion CAD) from $7.22 billion (roughly $9.8 billion CAD), but surpassed expectations of $6.33 billion (about $8.6 billion CAD).
On the less positive side, Mac revenue fell to $7.6 billion USD (about $10.4 billion CAD) compared to $11.51 billion USD (about $15.8 billion CAD) in Q4. Releasing its M3 series-powered M3 MacBook Pro and 24-inch iMac earlier than expected could be an effort on Apple’s part to improve its Mac line’s Q1 2025 result. Mac revenue was expected to hit $8.76 billion (about $12 billion CAD).
The company’s wearables revenue also missed the mark at $9.3 billion USD (about $12.7 billion CAD), compared to the expected $9.41 billion USD (roughly $12.9 billion CAD). For context, in Q4 2022, wearables earned $9.65 billion USD (about $13.2 billion CAD).
“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO, in a statement. “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”
“I think the Mac is going to have a significantly better quarter in the December quarter,” said Cook in an interview with CNBC. “We’ve got the M3, we’ve got the new products, and we don’t have the compare phenomenon on a year-over-year basis,” backing up the theory behind the M3’s early release.
MobileSyrup will have more on Apple’s M3 series Macs in the coming days.
Source: CNBC
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