Apple released fiscal fourth-quarter 2024 results on Oct. 31, reporting a 6% year-over-year revenue increase to $94.9 billion, which slightly beat analysts’ expectations of $94.4 billion. The company reported diluted earnings per share of US$0.97, or US$1.64 when adjusted for a one-time tax charge, beating the US$1.60 expected.
A highlight of the results was the iPhone segment, which grew to $46.2 billion compared to $43.8 billion in the same quarter last year. This growth was largely fueled by the early release of the iPhone 16, which introduced improved AI-powered features through what Apple called “Apple Intelligence.” This new AI feature offers smarter capabilities in areas such as voice recognition, image processing and personalized recommendations, and helps with tasks such as organizing photos.
In addition to iPhone sales, Apple’s services division hit an all-time high, bringing in $24.9 billion, up 12% year over year. This segment, which includes iCloud, Apple Music, the App Store and the ever-growing Apple TV+, continues to be a solid revenue driver. In total, Apple saw a 13% increase in the platform’s active monthly consumers, reaching 161 million.
Despite a strong quarter, Apple’s slower-than-expected adoption of intelligence and broader AI development strategies remain a concern for some investors. Additionally, there is mixed performance across some product lines, even as the company expands into other areas. Sales in China, for example, remained stable at $15 billion after several quarters of decline, signaling some recovery in the region but remaining a point of focus for investors.