By Emmanuel Ogbodo<\/p>\n
Apple has surpassed market expectations with its fiscal 2024 third-quarter earnings, reporting $85.8 billion in revenue, marking a 5% increase year-on-year, despite a drop in iPhone sales.<\/p>\n
This impressive performance comes as anticipation builds for Apple\u2019s next-generation iPhone, which will feature advanced artificial intelligence capabilities.<\/p>\n
The company reported quarterly earnings of $1.40 per diluted share, an 11% increase from the previous year, resulting in a net income of $21.5 billion. These results exceeded analyst forecasts, which had predicted earnings of $1.34 per share and $20.7 billion in net income.<\/p>\n
The revenue of $85.8 billion also beat expectations, partly due to iPhone sales of $39.3 billion, slightly above projections despite being the lowest since September 2021.<\/p>\n
\u201cDuring 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,\u201d said Luca Maestri, Apple\u2019s Chief Financial Officer (CFO). \u201cWe are also very pleased that our installed base of active devices reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty.\u201d<\/p>\n
Apple\u2019s board of directors declared a cash dividend of $0.25 per share of the company\u2019s common stock, payable on August 15, 2024, to shareholders of record as of the close of business on August 12, 2024.<\/p>\n
Although Apple\u2019s iPhone revenue exceeded expectations, it remains at its lowest point since the quarter ending September 2021, reflecting a 1% decline from the same period in 2023. Analysts expect a resurgence in iPhone sales later this year with the release of the iPhone 16, featuring a generative artificial intelligence operating system exclusive to newer models. Consensus estimates suggest iPhone sales could reach a record $73 billion during the 2024 holiday quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Emmanuel Ogbodo Apple has surpassed market expectations with its fiscal 2024 third-quarter earnings, reporting $85.8 billion in revenue, marking a 5% increase year-on-year, despite a drop in iPhone sales. This impressive performance comes as anticipation builds for Apple\u2019s next-generation iPhone, which will feature advanced artificial intelligence capabilities. The company reported quarterly earnings of $1.40 […]<\/p>\n","protected":false},"author":2,"featured_media":34908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[180],"tags":[],"class_list":["post-41938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=41938"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41938\/revisions"}],"predecessor-version":[{"id":41939,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41938\/revisions\/41939"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/34908"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=41938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=41938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=41938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}