iPhone continues to drive growth as Apple posts quarterly revenue of $94.6 billion

Apple iPhone

Apple has announced its financial results for fiscal 2024 fourth quarter ended September 28, 2024. The company posted quarterly revenue of $94.9 billion, which is up 6 percent year over year.

"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,” said Apple CEO Tim Cook.

The iPhone continues to be Apple’s most important product. As per the numbers revealed by Apple, the iPhone accounted for $46.2 billion in revenue, which was up 6% year over year and set a September quarter record in total and across several markets, including the U.S., the Middle East, Korea, and South Asia.

Apple CFO Luca Maestri also revealed that the iPhone active installed base grew to a new all-time high in total and in every geographic segment.

It was not just the iPhone that drove growth for Apple. After a brief slump, the revenue from iPad was also up. In fact, the iPad showed the strongest growth — 8% year-over-year — out of all Apple products and garnered revenue of $6.95 billion.

The Mac line up of devices also saw growth and generated $7.7 billion revenue.

The one category of devices that saw a decline in revenue was Other Products — includes AirPods, Apple Watch, HomePod. Wearables, Home, and Accessories revenue was $9 billion, down 3% year over year.

Apple’s Services business — App Store, Apple Music, Apple TV+ — continues to grow quite strongly. Services revenue reached an all-time record of $25 billion, growing 12% year over year. “Services continued to see strong momentum with the growth of our installed base of active devices setting a solid foundation for the future expansion of our ecosystem,” said Maestri.