Apple has announced impressive financial results for the June quarter of the fiscal year 2024. The company achieved notable milestones despite facing challenges, including foreign exchange impacts. Here’s a breakdown of the key details from Apple’s latest financial performance.

Key Financial Highlights

Quarterly Revenue: Apple reported revenue of $85.8 billion, marking a 5% increase from the previous year. This surpasses the company’s initial expectations despite a 230 basis point negative impact from foreign exchange fluctuations.

Net Profit: The company earned a net profit of $21.4 billion, reflecting a 7.53% year-over-year increase. Earnings per diluted share rose by 11% to $1.4.

Record-Breaking Performance

Global Revenue Records: Apple set new quarterly revenue records in over two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand.

Services Revenue: The company achieved an all-time high in services revenue, which reached $24.2 billion, up 14% year-over-year. This includes record revenue in developed markets and June quarter records in emerging markets.

Installed Base: Apple’s installed base of devices hit an all-time high globally, driven by high customer satisfaction and loyalty, as well as a significant number of new customers.

Product-Specific Performance

iPhone:

Revenue from iPhones totaled $39.3 billion, a slight 1% decrease from the previous year but showing growth on a constant currency basis. iPhone sales set new June quarter records in multiple countries, including the UK, Spain, Poland, Mexico, Indonesia, and the Philippines. The active installed base also reached a new all-time high.

iPad:

iPad revenue surged to $7.2 billion, a substantial 24.1% increase from last year, driven by the launch of the new iPad Pro and iPad Air models.

Mac:

The Mac segment generated $7 billion in revenue, up 2% year-over-year. This growth was attributed to the strong performance of the MacBook Air powered by the M3 chip. Notably, Apple achieved record Mac sales in Latin America, India, and South Asia. The Mac installed base also reached an all-time high, with half of the MacBook Air customers being new to the Mac ecosystem.

Wearables, Home, and Accessories:

This category saw revenue of $8.1 billion, down 2.3% year-over-year. The decline is attributed to tougher comparisons with the previous year’s launches of the AirPods Pro (second generation), the Watch SE, and the first Watch Ultra.

Services Growth

Paid Subscriptions: Apple reported over 1 billion paid subscriptions across its services, nearly doubling the number of paid subscriptions from four years ago.

Conclusion

Apple’s strong financial performance for the June quarter underscores its continued dominance and growth across multiple product categories and global markets. With record-breaking revenue and significant gains in both hardware and services, Apple remains a leader in innovation and customer satisfaction.