Apple CEO Tim Cook
Apple will be reporting its third-quarter earnings of 2024 on August 1. Here’s what happened in the quarter, and what to expect.
Apple has confirmed it will be holding its regular quarterly financial results release on August 1. It will be followed by the customary investor and analyst conference call shortly after the release, at 5:00 PM eastern time, helmed by CEO Tim Cook and CFO Luca Maestri.
AppleInsider will be reporting the financial results in full, as well as covering topics raised in the conference call.
The year-ago quarter
The usual benchmark for Apple’s financial health is the year-on-year gains and losses compared to the year-ago quarter. Apple edged out predictions for that quarter, but had a difficult compare versus the year before.
In Q3 2023, Apple reported $81.8 billion in revenue, a 1% YoY drop, as well as an earnings per share of $1.26.
On a per-product category basis, iPhone’s $39.67 billion was down 2% YoY, iPad was down 20% to $5.79 billion, and Mac was down 7% to $6.84 billion.
Wearables, Home, and Accessories were up 2% to $8.08 billion, and Services continued its growth by 8% to $21.21 billion.
Apple’s third fiscal quarter of 2024 — events
Apple’s Q3 is typically Apple’s quietest quarter, in part due to a general lack of major product introductions. With Apple’s main product launches occurring after the quarter ends in the fall, and relevant to its fourth quarter earnings, there’s often a sales lull as consumers prepare for iPhone upgrades.
There are some products that will still affect the quarter. For a start, it will be the first full quarter of sales for the MacBook Air upgrades from March. The 13-inch and 15-inch models were updated to M3 under Apple’s rolling Apple Silicon upgrades.
May also saw the introduction of the new iPad Pro with M4, the upgraded iPad Air with M2 and a 13-inch option, and the Apple Pencil Pro. The launch of M4 chips means there’s a new potential upgrade opportunity for the Mac side of the business.
The period also saw Apple hold WWDC, its annual developer conference. During the event, it revealed Apple Intelligence, its big machine learning and generative AI push, which had a great response from the industry.
With such a warm reception, and the possibility of a major iPhone cycle this fall due to Apple Intelligence, this could sway investors into buying more Apple stock in anticipation.
At present, Wall Street on the average is predicting Apple to report $83.86 billion in revenue, with an earnings per share of $1.33.
