Apple Releases Record-Breaking Q3 2024 with Historic Growth in Revenue and EPS

Cupertino, California — Apple Inc. provided another boost to the market with record returns yet again for its fiscal third quarter of 2024, which ended on June 29. This technological behemoth saw quarterly revenues surge to $85.8 billion, up 5 percent from last year, and earnings per diluted share of $1.40, an 11 percent year-over-year increase.

According to Apple’s CEO, Tim Cook, the company has huge accomplishments this quarter. One of the key ones is the launch of some very exciting updates to its software platforms at WWDC. One of these innovations includes Apple Intelligence, a personal intelligence system that would bind powerful, private, generative AI models across iPhone, iPad, and Mac.

“Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago,” he said. “During the quarter, we were excited to announce some amazing software updates coming to our platforms, at our Worldwide Developers Conference, amongst others, Apple Intelligence. We can’t wait for the chance to bring these kinds of tools to our users, and we continue to invest deeply in the innovations that will enhance our customers’ lives and lead with the values that lead us in our work.”

Luca Maestri, Apple’s CFO, contributed to the operating cash flow. “During the quarter, our record business performance generated EPS growth of 11 percent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders,”. He also noted that Apple’s installed base of active devices hit an all-time high, across all geographic segments, driven by solid satisfaction and loyalty from the customer base.

Read Also: Apple has successfully Launch the long awaited Apple Maps Web Version Now in Beta, Users can access it in all Devices

The board of directors at Apple further declared a cash dividend of $0.25 per share of its common stock, payable on August 15, 2024, to shareholders of record as of August 12, 2024.

Anyone interested in going deeper with Apple’s financial results can log on for a live webcast of this Q3 2024 financial results conference call on August 1, 2024, at 2:00 p.m. PT via Apple investors page

A replay of the webcast will also be provided for approximately two weeks thereafter. For more information, visit Apple official page

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