Apple Revenues Up 6 Percent to $95 Billion

Apple reported that it earned a net income of $14.7 billion on revenues of $94.9 billion in the quarter ending September 28. Those figures represent a shortfall of 56 percent and a gain of 6 percent, respectively, year-over-year, and that revenue number is a record for this fiscal quarter.

“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,” Apple CEO Tim Cook said. “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 said that the firm’s active installed base of devices reached an all-time high in the quarter, though he didn’t provide an exact number.

One of the big concerns leading into this announcement was whether the new iPhones were exciting enough to deliver any gains, and rumors recently suggested that sales would be flat YOY. But the iPhone delivered $46.2 billion in revenues, a gain of 5.5 percent YOY. The iPhone was about 49 percent of Apple’s total revenues.

Services had another blockbuster quarter, too, with near $25 billion in revenues, a gain of almost 12 percent YOY. The Mac added $7.7 billion, up 1.7 percent YOY, while iPad came in at $6.95 billion, up 7.9 percent. Only Wearables, Home and Accessories, fell flat, with a loss of 3 percent to $9 billion.

That 56 percent net income dive is attributable to a one-time income tax charge of $10.2 billion tied to its loss in the Ireland tax fraud case.