Apple Sets New September Quarter Revenue Record Amid iPhone 16 Launch

Apple has released its financial report for the past three months, the last quarter of its fiscal year. Revenue increased 6% in July-September as iPhone sales picked up, totaling $94.9 billion.

The July-September period demonstrated growth across most product categories(iPhone, Mac, iPad, Services), with only the wearables segment experiencing a modest 3% decline.

CEO Tim Cook highlighted record-breaking iPhone revenue for September, noting widespread growth across all geographic markets. New iPhone 16 brand also contributed to these numbers, although it was first released in the market in just the last ten days of the quarter.

“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.”

Despite Apple’s strong market position in device sales and services, its bottom line painted a different picture, with net income dropping 35% year-over-year. This steep decline was mainly triggered by a $15.8 billion tax bill with Ireland after the European Union deemed its previous tax structure as contradictory to state aid laws.

In Q3 2024, Apple closed in on Samsung’s market share, trailing by just a single percentage point. Samsung’s share slipped by 2% over the same period, however, Apple has seen a boost from the new iPhone 16 release, as well as continuing sales from iPhone 15 and 13. If this trend were to persist, Apple could displace Samsung by year-end though it may only be short-lived due to Samsung’s next big release the Galaxy S series.

Apple also recently released new MacBooks as well as an updated Mac Mini. However, it remains uncertain whether these new products will help Apple maintain its edge.