Apple released their financial results for the 4th quarter ending on September 30 and for their fiscal year. Apple reported quarterly revenue of $94.9 billion, up 6% year-over-year and earnings per share of $1.64 which was up 12% but a one-time charge of 12 billion Euros due to the tax settlement with Ireland shrunk that to $0.97 per share after that fine.
Apple posted a profit of $14.7 billion for the 3-month period which is after the $10 billion one-time charge. Without that charge, Apple made more money than last year.
For the full fiscal year, Apple recorded $391.0 billion in sales and $93.7 billion in net income, compared to $383.3 billion in sales and $97.0 billion in net income for fiscal 2023 but again that one-time charge lowers that number so they really made $103 billion and had to spend $10 billion.
Tim Cook said “Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago. 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.”
Apple CFO Luca Maestri noted that Apple had nearly $27 billion in operating cash flow and was able to return over $29 billion to shareholders in the form of dividends and stock buy-backs.
Apple’s iPhone sales, as usual, led the way with $46.2 billion in sales while iPad posted $6.95 billion up a bit from last year, Mac revenue rose to $7.74 billion while Services continued its growth by posting a record $24.7 billion of high-margin sales. Wearables was the only down sector posting $9.04 billion versus $9.32 billion last year.
There has been a lot of hang wringing on Wall Street about iPhone sales and whether Apple Intelligence will push the iPhone back into growth. Well, it did and did so beyond the street’s expectations. Apple Intelligence features are just now being released slowly and as people realize the benefits of AI and that their old iPhone won’t run them, I expect continued iPhone sales growth. It was a great quarter and year for Apple, congratulations to the entire Apple team!