Apple Inc. Reports $124.3 Billion in Net Sales, 4% Year-Over-Year Growth

Apple Inc. reported its financial results for the fiscal quarter ending December 28, 2024, revealing a total net sales of $124.3 billion, a 4% increase from $119.6 billion in the same quarter of the previous year. The company's net income rose to $36.3 billion, compared to $33.9 billion in the prior year, resulting in diluted earnings per share of $2.40, up from $2.18. The growth in revenue was primarily driven by a 14% increase in services revenue, which reached $26.3 billion, while product sales saw a slight decline in iPhone sales but increases in Mac and iPad sales.

In terms of operational performance, Apple experienced notable changes in its product segments. iPhone sales were relatively flat at $69.1 billion, down from $69.7 billion, while Mac sales increased by 16% to $9.0 billion, and iPad sales rose by 15% to $8.1 billion. The wearables, home, and accessories segment saw a decrease in sales to $11.7 billion from $12.0 billion. The Americas and Europe regions reported significant growth, with net sales increasing by 4% and 11%, respectively, while Greater China experienced an 11% decline in net sales.

Apple's total operating expenses for the quarter were $15.4 billion, up from $14.5 billion, reflecting increased investments in research and development, which rose to $8.3 billion from $7.7 billion. The company also repurchased $23.3 billion of its common stock during the quarter, part of its ongoing share repurchase program, which has utilized $44.2 billion of the $110 billion authorized by the Board of Directors. As of the end of the quarter, Apple had 15,022,073 shares of common stock outstanding.

Looking ahead, Apple anticipates that macroeconomic conditions, including inflation and currency fluctuations, may impact its future performance. The company remains committed to its capital return program and expects to continue generating sufficient cash flow to meet its operational needs and shareholder returns. Apple also noted that it is subject to various legal proceedings and regulatory scrutiny, which could affect its business operations and financial results. The company plans to maintain its focus on innovation and product launches to drive future growth.