Q4 2024 Apple Inc Earnings Call Transcript
Key Points
- Apple Inc (AAPL) reported a September quarter revenue record of $94.9 billion, up 6% year over year.
- iPhone revenue set a September quarter record of $46.2 billion, with growth in every geographic segment.
- Services achieved an all-time revenue record of $25 billion, up 12% year over year.
- The installed base of active devices reached an all-time high across all products and geographic segments.
- Apple Intelligence marks a new chapter for innovation, with features rolling out across iPhone, iPad, and Mac.
- Wearables, home, and accessories revenue was $9 billion, down 3% year over year.
- The company recorded a one-time income tax charge of $10.2 billion related to the reversal of a European General Court decision.
- Despite strong revenue growth, the gross margin for services remained unchanged from the prior quarter at 74%.
- The rollout of Apple Intelligence is staggered, which may affect the demand cadence across different regions.
- The company faces potential challenges from macroeconomic conditions and foreign exchange impacts, particularly in China.
Good afternoon, and welcome to the Apple Q4 fiscal year 2024 earnings conference call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded.
Speaking first today are Apple's CEO, Tim Cook; and CFO, Luca Maestri; and they'll be joined by Kevan Parekh, Vice President of Financial Planning and Analysis. (Event Instructions).
Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation, and future business outlook, including the potential impact of macroeconomic conditions on the company's business and results of operations. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast.
For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K
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