Apple’s Q4 2024 earnings report revealed $94.9 billion in revenue, up 6% year-over-year, despite a dip in profit due to a $10.2 billion EU tax settlement. CEO Tim Cook noted strong demand for the iPhone 16, with iPhone revenue rising to $46.2 billion, outpacing last year’s iPhone 15 launch.
Apple Intelligence, the company’s new AI feature, has seen swift adoption, with users adopting iOS 18.1 at twice the rate of iOS 17.1. Cook shared that AI development remains a priority, with significant resources now focused on expanding Apple Intelligence globally.
Mac and iPad sales grew modestly, while wearables revenue dipped to $9 billion, although Apple Watch saw an install base milestone with many first-time buyers. Services revenue set a record at nearly $25 billion, reaching $95 billion for fiscal 2024, driven by a billion paid subscriptions.
Apple anticipates continued growth into the December quarter, with services revenue projected to see double-digit gains.
In a leadership update, CFO Luca Maestri announced his departure effective January 1, 2025, with Kevan Parekh stepping in as his successor. Cook praised Maestri for his decade-long impact on Apple’s financial strategy and growth.
