Apple Reports Third Quarter Results With 5 Pct Revenue Growth

SAN FRANCISCO, Aug 2 (Bernama-Xinhua) -- Apple on Thursday announced financial results for its fiscal 2024 third quarter that ended on June 29, with quarterly revenue of US$85.78 billion, up 5 per cent year over year, reported Xinhua.

The company posted quarterly earnings per diluted share of US$1.40, up 11 per cent year over year. Its net income for the quarter increased to US$21.45 billion from US$19.88 billion a year ago.

Sales of iPhone amounted to US$39.30 billion, slightly down from US$39.67 billion a year ago.

Its sales of Wearables, Home and Accessories products declined to US$8.10 billion from US$8.28 billion a year ago.

The company's services income was US$24.21 billion, up from US$21.21 billion the previous year.

Apple's net sales in the Greater China region decreased to US$14.73 billion from US$15.76 billion a year ago, according to its financial statement.

"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," said Tim Cook, Apple's CEO, adding that the company very much looks forward to sharing these tools with its users.

Luca Maestri, Apple's CFO, said that during the quarter, the company's record business performance generated EPS growth of 11 per cent and nearly US$29 billion in operating cash flow, allowing it to return over US$32 billion to shareholders.

Apple's board of directors has declared a cash dividend of US$0.25 per share of the company's common stock. The dividend is payable on Aug 15 to shareholders of record as of the close of business on Aug 12, 2024. 

-- BERNAMA-XINHUA