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Apple’s revenue rose about 6% year over year to $94.93 billion in its fiscal fourth quarter of 2024, a record for the company’s September quarter. Reported net income, however, fell about 36% to $14.74 billion after Apple recorded a one-time $10.25 billion tax charge. The quarter’s sales growth was real; the sharp drop in reported profit needs that tax item for context.
What Apple’s 6% revenue increase means
Apple announced results on October 31, 2024, for the fiscal quarter ended September 28, 2024. Revenue was $94.930 billion, compared with $89.498 billion in the same quarter a year earlier—an increase of about 6.1%, rounded by Apple to 6%. The familiar “$95 billion” figure is simply the reported revenue rounded to the nearest billion; it is not profit. Apple described the result as a September-quarter revenue record, not an all-time quarterly revenue record. Apple’s results announcement and its consolidated financial statements provide the figures.
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This is a year-over-year comparison, not a comparison with the immediately preceding quarter. Apple’s fiscal calendar does not match the calendar year exactly, so the period is best called fiscal Q4 2024 or the September quarter—not the third calendar quarter or a quarter ending in December.
Which businesses grew—and which did not
Apple’s category figures show that the iPhone contributed the largest dollar increase, while Services had the fastest growth rate. The figures below are Apple’s reported net sales for each category; percentage changes are calculated from the reported values.
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| Category | Q4 FY2024 | Q4 FY2023 | Year-over-year change |
|---|---|---|---|
| iPhone | $46.222 billion | $43.805 billion | Approximately +5.5% |
| Mac | $7.744 billion | $7.614 billion | Approximately +1.7% |
| iPad | $6.950 billion | $6.443 billion | Approximately +7.9% |
| Wearables, Home and Accessories | $9.042 billion | $9.322 billion | Approximately −3.0% |
| Services | $24.972 billion | $22.314 billion | Approximately +11.9% |
| Total | $94.930 billion | $89.498 billion | Approximately +6.1% |
All category figures are from Apple’s Q4 FY2024 consolidated financial statements.
iPhone remained the largest sales engine
At $46.222 billion, iPhone revenue accounted for just under half of Apple’s quarterly sales and rose about 5.5% from a year earlier. That was the largest dollar increase among the listed categories. Revenue growth does not establish that Apple sold more iPhones: the release reports category revenue, not current iPhone unit shipments. Prices, product mix, launch timing and regional results can all affect revenue.
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Services grew fastest
Services revenue reached $24.972 billion, up about 11.9% and a new quarterly record, according to Apple’s earnings announcement. The category includes activities such as the App Store, advertising, cloud services, Apple Music, Apple TV+, AppleCare and other services; the quarterly release does not break out each business’s revenue. Many of these services generate recurring or repeat-use revenue, helping diversify sales beyond hardware launches. The category’s growth alone does not show the profitability of each component.
Other hardware results were mixed
Mac revenue edged up about 1.7%, while iPad rose about 7.9% against a weaker year-earlier comparison. Wearables, Home and Accessories was the only reported category to decline, falling about 3.0%. The results therefore do not support saying that every Apple product category grew.
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Why reported profit fell while sales rose
Apple reported GAAP net income of $14.736 billion, down from $22.956 billion a year earlier—a decline of approximately 36%. The cause of the unusually large year-over-year earnings drop was a one-time income-tax charge of $10.246 billion, which Apple rounded to $10.2 billion in its announcement. Apple linked the charge to the reversal of the European General Court’s State Aid decision. The charge reduced reported profit and earnings per share; it did not reduce revenue.
Reported diluted earnings per share (EPS) was $0.97, compared with $1.46 in the prior-year quarter. Apple said diluted EPS would have been $1.64 excluding the one-time charge. That $1.64 is a supplemental, adjusted comparison—not the reported GAAP result—and does not replace the charge in Apple’s statutory earnings. Thus, the quarter’s reported profitability was materially affected by an exceptional tax item, even as revenue increased.
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The distinction matters for interpreting the headline: revenue is the money Apple generated from sales, while net income is what remained after expenses and taxes. The reported net-income decline was about 36%, not 56%; the official figures are in Apple’s financial statements.
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Apple’s reported net sales by region show broad growth outside Greater China. The Americas remained the largest region, while Greater China was nearly flat and slightly lower than a year earlier.
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| Region | Q4 FY2024 | Q4 FY2023 |
|---|---|---|
| Americas | $41.664 billion | $40.115 billion |
| Europe | $24.924 billion | $22.463 billion |
| Greater China | $15.033 billion | $15.084 billion |
| Japan | $5.926 billion | $5.505 billion |
| Rest of Asia Pacific | $7.383 billion | $6.331 billion |
These regional values are from Apple’s consolidated financial statements. Greater China’s decline was modest in this quarter; these figures do not establish a broader collapse. They do show that the region did not share in the growth seen in Europe, Japan and the rest of Asia Pacific.
What the iPhone 16 and Apple Intelligence do—and do not—explain
Apple attributed part of its performance to the iPhone 16 lineup, announced during the quarter. The higher iPhone revenue indicates an improved year-over-year revenue trend, but the results do not isolate the iPhone 16’s contribution from other models, pricing, product mix, regional variation or launch timing. Nor do they establish unit-sales growth.
Apple also said the first Apple Intelligence features began rolling out during the quarter, presenting the technology as support for its lineup ahead of the holiday season. The company did not quantify Apple Intelligence-related revenue or show that the features directly caused the quarter’s sales increase. It is best understood here as a strategic product narrative, not a measured financial driver. Apple’s announcement describes its comments on the product lineup and rollout.
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What the quarter says about Apple’s business
The results point to a business with positive but uneven momentum. iPhone, Mac and iPad revenue all increased year over year, Services expanded faster than total company revenue, and Wearables, Home and Accessories declined. The Americas, Europe, Japan and Rest of Asia Pacific grew, while Greater China was essentially flat to slightly down. Apple’s full-year FY2024 revenue was $391.035 billion, compared with $383.285 billion in FY2023, according to its annual and quarterly financial statements.
For readers assessing financial health, the quarter is neither simply a profit collapse nor an unqualified win. Sales reached a September-quarter record, and underlying EPS excluding the exceptional tax charge was higher than reported GAAP EPS. But revenue growth by itself does not establish improved margins, cash flow or durable future growth; the tax charge remains part of the reported result, and category and regional performance varied.
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