Apple Reports All-Time Revenue Record in India, iPhone Sales Up Globally

Apple has reported its Q4 FY2024 financial results with a new quarterly record. Revenue was $94.4 billion (approximately ₹79,79,82,78,30,000), up six percent from a year ago, CEO Tim Cook announced on an earnings call with analysts and investors. He also noted that while the new iPhone 16 series was announced during this quarter, sales sparked by the recent announcement of new Mac laptops and desktops, plus Apple Intelligence software features for its iPhones, iPads and Macs, will only be accounted for in future earnings.

Apple CFO Luca Maestri confirmed a $29 billion dividend payout to shareholders, at $0.25 per share of common stock, payable on November 14. Quarterly diluted earnings per share were $0.97. This was attributed to a €13 billion ($10.2 billion) payout in the European Union after Apple lost its final appeal in a case brought against it for how it reported revenues in Ireland.  

The company achieved an “all-time revenue record” in India, exceeding last year's figures, and Cook also confirmed that Apple plans to open four more Apple Stores here, though no timeline for this was announced. “...we continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record”, Cook said on the earnings call. Maestri highlighted the iPad category for “double-digit growth” in India among other regions.

Besides India, Apple says it set revenue records for the September quarter in the USA, Brazil, Mexico, France, the UK, Malaysia, Thailand, Korea, Saudi Arabia, and the UAE. However, performance in China, one of the company’s biggest markets, was described as “relatively flat year over year”.

iPhone revenue was reported as $46.222 billion, up from $43.805 billion in the same quarter last year. The services segment hit an all-time record of $24.972 billion, up 12 percent from $22.314 billion. Mac and iPad sales rose slightly, while the Wearables, Home and Accessories category took a small hit. 

Apple does not report global product shipment or sales quantities, however Cook stated that sales of the iPhone 16 series in September were stronger than those of the iPhone 15 series last year. In the first three days since iOS 18.1 was released, enabling some Apple Intelligence features, the adoption rate has exceeded that of iOS 17.1 at the same time last year. Services revenue is expected to continue growing by double digits, with the company reporting over one billion active paid subscriptions across its platforms.