Apple Revenues Rise 4 Percent to a Record $124.3 Billion

Apple reported that it earned a net income of $36.3 billion on revenues of $124.3 billion in the quarter ending December 28, 2024. Those figures represent gains of 7.1 percent and 1.5 percent, year-over-year (YOY), and the quarter was an “all-time record” for revenues.

“Today Apple is reporting our best quarter ever, with revenue of $124.3 billion, up 4 percent from a year ago,” Apple CEO Tim Cook said. “We were thrilled to bring customers our best-ever lineup of products and services during the holiday season. Through the power of Apple Silicon, we’re unlocking new possibilities for our users with Apple Intelligence, which makes apps and experiences even better and more personal. And we’re excited that Apple Intelligence will be available in even more languages this April.”

The iPhone was once again Apple’s largest business by far, with $69.1 billion in revenues, roughly flat with the $69.7 billion it earned one year ago. The iPhone now directly accounts for 55.6 percent of Apple’s revenues. In the year-ago quarter, it was 58.3 percent.

China is likely the reason for the lack of movement there, with overall China revenues declining 11 percent in the quarter. But Mr. Cook claims that sporadic availability of Apple Intelligence played a role, too, explaining the April comment above: iPhones sold better in countries in which the AI features are available. Among the new languages coming in April is simplified Chinese.

Services was again Apple’s second-biggest business, with $26.3 billion in revenues, a gain of 14 percent YOY. Wearables, Home, and Accessories declined 1.72 percent to $11.7 billion. And Mac and iPad both experienced revenues surges north of 15 percent. Mac revenues landed at $9 billion, up 15.5 percent, while iPad sales jumped 15.2 percent to $8.1 billion.

In the post-earnings conference call, Mr. Cook reported that there are now 2.35 billion active Apple devices worldwide, a record. A year ago, the figure was 2.2 billion.