Apple Reports Record Revenue in Third Quarter, with Steady Performance in Greater China

Apple Reports Record Revenue in Third Quarter, with Steady Performance in Greater ChinaOn August 1st, Beijing time, Apple Inc. released its financial results for the third quarter of fiscal year 2024 (ending June 29, 2024)

Apple Reports Record Revenue in Third Quarter, with Steady Performance in Greater China

On August 1st, Beijing time, Apple Inc. released its financial results for the third quarter of fiscal year 2024 (ending June 29, 2024). According to the report, Apple's revenue reached $85.8 billion for the quarter, representing a 5% year-over-year increase, setting a new record high. Diluted earnings per share for the quarter were $1.40, up 11% year-over-year.

"Apple today reported record revenue of $85.8 billion for the third quarter of fiscal 2024 (ending June 29, 2024), up 5% from a year ago," said Apple CEO Tim Cook. "During the quarter, we unveiled significant updates to our software platforms at the Worldwide Developers Conference, including Apple Intelligence, a groundbreaking personal intelligence system that will bring powerful, private generative AI models to core capabilities across iPhone, iPad, and Mac. Were excited to share these tools with our users and continue to invest heavily in innovations that enrich our customers lives while staying true to our guiding values."

Sales Decline in Greater China, but iPhone User Base and Upgrades Reach All-time Highs

Addressing the sales changes in Greater China, Cook explained that while overall sales declined by 6.5% year-over-year, the decline was narrowed to less than 3% on a constant currency basis, with over 50% of the decline attributable to currency rates.

Cook stated: "In Greater China, we are seeing all-time highs in the iPhone installed base and the number of upgrades in the mainland China market reached a record for our June quarter. According to Cantar, in urban areas of China, the top three smartphone models this quarter were all iPhones. Additionally, the iPhone 15 series is outperforming the iPhone 14 series in the same time frame since launch, a trend that has been evident since the September quarter of fiscal 2023."

New Customer Purchase Trends Continue to Grow, Laying Foundation for Future Development

"Another area we are very focused on is the purchase of our products by new customers, such as sales of Macs and iPads in mainland China, where a majority of customers are either first-time Apple buyers or first-time buyers of that particular product, and the same is true for Apple Watch, where the vast majority of people are first-time buyers," said Cook.

This data indicates that Apple products hold a strong appeal in the mainland China market, and the continuous influx of new customers lays a solid foundation for Apple's future development.

Looking Ahead, Apple Remains Focused on Innovation and Providing Enhanced Products and Services to Users

On the earnings call, Cook expressed Apple's continued focus on innovation and providing enhanced products and services to users. He emphasized that Apple will continue to invest in research and development, continuously introducing new products and technologies to meet user needs.

Summary

Apple's financial results for the third quarter of fiscal year 2024 demonstrate record revenue, steady performance in the Greater China market, and continuous growth in new customer purchasing trends, laying a solid foundation for Apple's future growth. It is believed that Apple will continue to focus on innovation and provide enhanced products and services to users, leading the technology industry in the future.

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