Apple booked record revenue of $94.9 billion in its fiscal Q4 2024 (the period from 29 June to 28 September), up 6 per cent year-on-year due, in part, to a 5.5 per cent rise in iPhone sales to $46.2 billion.

CEO Tim Cook noted on an earnings call Apple continues to see high levels of customer satisfaction for the iPhone 15 family: its latest iPhone 16 models shipped on 20 September.

Cook also provided insight on the company’s Apple Intelligence software released as part of its iOS 18.1 update earlier this week.

“If you just look at the first three days, the 18.1 adoption is twice as fast as the 17.1 adoption was in the year ago quarter.”

“So there’s definitely interest out there for Apple Intelligence.”

Apple’s iPhone revenue in Greater China was flat at $15 billion. It faces increased competition from Xiaomi and Huawei, among others.

Net income fell 35 per cent to $14,7 billion due largely to a one-time income tax charge of $10.2 billion related to a European General Court ruling against Apple.

Apple’s services business revenue of $24.9 billion was up 12 per cent, a new all-time high. It comprises online subscriptions including iCloud, Google search and hardware warranties.

iPad revenue was $7 billion, up 8 per cent, with wearables, home and accessories sales falling 3 per cent to $9 billion.

CFO Luca Maestri stated product revenue was up 4 per cent to $70 billion, driven by growth in iPhone, iPad and Mac.

Maestri predicted double-digit service revenue growth in fiscal Q1 2025.

Cook thanked Maestri for “truly exceptional work” during a ten-year tenure as CFO: the executive is moving to a new role in 2025, with VP of financial planning and analysis Kevan Parekh taking up the post.