8.5 C
London
Monday, December 2, 2024
HomeNewsApple's Quarterly Revenue Surpasses $85 Billion, Driven by iPad Sales

Apple’s Quarterly Revenue Surpasses $85 Billion, Driven by iPad Sales

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

San Jose, August 2 (FFN) – Apple’s revenue surged to over $85 billion in the third quarter of its fiscal year, despite a decline in sales of its flagship product, the iPhone. However, iPad sales surged by nearly a quarter, offsetting the iPhone’s decline. This was reported by the DPA news agency and RTTNews.

The company reported that its revenue for the third quarter of fiscal year 2023/2024, which corresponds to the period from April to the end of June, reached $85.8 billion (€79.53 billion). This represents a year-over-year increase of 5%.

The results were significantly influenced by iPad sales following the introduction of new models. iPad sales grew by nearly 25% year-over-year to $7.16 billion, exceeding analyst expectations. Analysts had forecast iPad sales to be approximately $500 million lower.

iPads thus offset the trend in sales of the company’s flagship product, the iPhone. iPhone sales reached $39.3 billion in the third quarter of the fiscal year. This represents a year-over-year decrease of about 1%, with the results significantly impacted by developments in the Chinese market. In China, iPhone sales declined by more than 6% to $14.73 billion. However, the company exceeded analyst expectations, which had forecast a decline in sales below $39 billion.

The company’s net profit reached $21.45 billion, an increase of approximately 8% compared to the third quarter of the fiscal year 2022/2023. Adjusted earnings per share were $1.40, also exceeding analyst estimates. Analysts had forecast earnings per share of $1.35.

Operating profit also increased by more than 10%, reaching $25.35 billion, compared to approximately $23 billion a year ago. (1 EUR = 1.0789 USD)

Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories