Elon Musk Confirms SpaceX, xAI, and Tesla Will Continue Large-Scale Nvidia Chip Orders 
Microsoft Eyes Legal Action as Amazon-OpenAI Deal Threatens Azure Exclusivity 
FCC Approves $3.54B Nexstar-Tegna Merger, Waiving Broadcast Ownership Cap 
Apple Defies China's Smartphone Slump with Strong Early 2026 Sales 
Volkswagen CEO Urges Germany to Adopt China's Industrial Discipline Amid Major Restructuring 
DOJ Antitrust Chief Rejects Political Fast-Track for Paramount-Skydance Deal 
GE Vernova and Hitachi's $40 Billion SMR Investment Signals a New Era for U.S. Nuclear Energy 
Tesla Eyes $2.9 Billion in Chinese Solar Equipment to Power 100 GW U.S. Manufacturing Push 
J.P. Morgan Now Expects Two ECB Rate Hikes Amid Inflation Pressures 
Jeff Bezos Eyes $100 Billion Fund to Transform Manufacturing With AI 
Judge Dismisses Sam Altman Sexual Abuse Lawsuit, But Sister Can Refile 
FEMSA Cuts Jobs at Spin Fintech Unit, Refocuses Strategy on Oxxo Stores 
EA's $15B Debt Offering Draws $25B in Investor Demand Amid Credit Market Turmoil 
Micron Technology Beats Q2 Earnings Estimates, Issues Strong AI-Driven Outlook 
Tesla FSD EU Approval Delayed to April 10 as RDW Completes Final Review 
HSBC Considers Cutting 20,000 Jobs Amid AI-Driven Transformation 
Goldman Sachs Delays Bank of England Rate Cut Forecast Amid Middle East Inflation Risks 
Apple posted a solid financial performance in Q3 2024, reporting a profit of $21.4 billion on $85.8 billion in revenue. The earnings call highlighted new hardware releases and solid gains in multiple segments, exceeding Wall Street's expectations.
Apple's Q3 2024 Profit Surpasses Expectations, Driven by New Hardware Releases Despite iPhone Revenue Dip
Apple's Q3 2024 earnings call showcased a solid financial performance driven by the release of new hardware. The California-based company reported a profit of $21.4 billion on revenue of $85.8 billion, surpassing Wall Street's expectations in all segments. However, as the source will soon discuss, not all categories outperformed the previous quarter.
The technology giant's revenue in the third quarter of 2024 exceeded the $81.80 billion it generated in the same quarter a year prior, and its earnings per share increased to $1.40 from $1.26 in the third quarter of 2023. According to Wccftech. the iPhone segment of Apple's Q2 2024 earnings, which accounted for 50.6 percent of the total revenue at $45.96 billion, generated a reduced revenue of $39.3 billion, or 45.7 percent of the total. This figure may have exceeded Wall Street's projections; however, it is less than the $39.67 billion Apple generated in Q3 2023.
New iPad Launches Boost Apple's Q3 2024 Earnings, Services Revenue Continues to Grow Steadily
Apple was fortunate to receive a financial cushion due to the M2 iPad Air and M4 iPad Pro launches. The Mac range generated $7.01 billion, a modest increase from the $6.84 billion it generated in Q3 2023, while the new tablet releases generated $7.16 billion, up from $5.79 billion a year ago. In the Wearables, Home, and Accessories category, Apple's Q3 2024 earnings showed a revenue of $8.09 billion, a decrease from $8.28 billion a year ago.
The Services segment once again proved to be a reliable source of income for Apple, with its revenue increasing from $21.21 billion in Q3 2023 to $24.2 billion. This growth underscores the segment's importance in Apple's revenue stream. Apple's gross margin for the quarter was 46.3 percent, a slight decrease from 44.5 percent a year ago.
