Q3 24 EPS
$1.40
BEAT +4.48%
Est. $1.34
Q3 24 Revenue
$85.78B
vs S&P Since Q3 24
-6.7%
TRAILING MARKET
AAPL +28.5% vs S&P +35.2%
Market Reaction
Did AAPL Beat Earnings? Q3 2024 Results
Apple delivered a strong fiscal third quarter, posting revenue of $85.78 billion, up 4.9% year over year, and diluted EPS of $1.40, beating the $1.34 consensus estimate by 4.48% and marking solid execution across a mixed product landscape. The headli… Read more Apple delivered a strong fiscal third quarter, posting revenue of $85.78 billion, up 4.9% year over year, and diluted EPS of $1.40, beating the $1.34 consensus estimate by 4.48% and marking solid execution across a mixed product landscape. The headline driver was Services, which climbed 14% year over year to $24.21 billion, providing a high-margin counterweight to flat iPhone revenue of $39.30 billion and a modest decline in Wearables to $8.10 billion from $8.28 billion a year ago. IPad was a bright spot on the hardware side, jumping to $7.16 billion from $5.79 billion, reflecting a product refresh cycle. Geographically, Europe and the Americas showed healthy growth, while Greater China slipped to $14.73 billion from $15.76 billion, reflecting continued competitive pressure in that market. Operating income rose to $25.35 billion from $23.00 billion, supported by expanding Services margins. With Apple leaning heavily into its newly unveiled generative AI platform, Apple Intelligence, investors appear increasingly focused on whether that strategy can accelerate an iPhone upgrade cycle and sustain the momentum Services has built.
Key Takeaways
- • Services revenue reached new all-time high
- • Strong iPad revenue growth driven by product refresh
- • Installed base of active devices reached all-time highs in all geographic segments
- • High levels of customer satisfaction and loyalty
AAPL YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
AAPL Revenue by Segment
With YoY comparisons, source: SEC Filings
AAPL Revenue by Geography
With YoY comparisons, source: SEC Filings
“Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago. During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac. We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers' lives, while leading with the values that drive our work.”
— Tim Cook, Q3 2024 Earnings Press Release
AAPL Earnings Trends
AAPL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AAPL EPS Trend
Earnings per share: estimate vs actual
AAPL Revenue Trend
Quarterly revenue: estimate vs actual
AAPL Quarterly Results
9 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.94 | $2.01 | +3.61% | $111.18B | — |
| Q1 26 BEAT | $2.67 | $2.84 | +6.37% | $143.76B | — |
| Q4 25 BEAT FY | $1.77 | $1.85 | +4.52% | $102.47B | — |
| FY Full Year | — | $7.46 | — | $416.16B | — |
| Q3 25 BEAT | $1.43 | $1.57 | +9.79% | $94.04B | — |
| Q2 25 BEAT | $1.62 | $1.65 | +1.85% | $95.36B | — |
| Q1 25 BEAT | $2.34 | $2.40 | +2.56% | $124.30B | — |
| Q4 24 BEAT FY | $0.95 | $1.64 | +72.63% | $94.93B | — |
| FY Full Year | — | $6.75 | — | $391.04B | — |
| Q3 24 BEAT | $1.34 | $1.40 | +4.48% | $85.78B | — |
| Q2 24 BEAT | $1.50 | $1.53 | +2.00% | $90.75B | — |