Apple recently released its financial report for the last quarter of its fiscal year, covering July to September.
The tech giant’s revenue surged by 6%, reaching $94.9 billion, largely driven by impressive iPhone sales. Despite challenges in some areas, Apple’s growth signals a strong finish for the fiscal year, driven primarily by the recent iPhone 16 release.
During the quarter, Apple recorded growth across almost all product categories, including the iPhone, Mac, iPad, and Services.
However, the company saw a slight 3% dip in its Wearables segment, which includes popular devices like the Apple Watch and AirPods.
CEO Tim Cook highlighted on a conference call that the latest iPhone lineup, specifically the iPhone 16, contributed significantly to Apple’s quarterly performance.
The iPhone 16 models were only on the market for the last ten days of the quarter, yet they set a September revenue record.
This growth extended across all major geographic segments, emphasizing the global appeal and demand for Apple’s flagship products.
Despite the strong revenue growth, Apple reported a 35% year-over-year decline in net income. This reduction was attributed to a €14.3 billion ($15.8 billion) retroactive tax payment to Ireland, following a European Union ruling.
The EU found that Apple had received unfair tax benefits, and the retroactive payment was required to address the state aid violations. While this tax settlement impacted the company’s overall profit, it did not dampen the positive performance across its major product lines.
Apple’s fiscal year-end results underline the company’s adaptability and brand loyalty, especially with the continued success of its iPhone series and expanding service offerings.
Going forward, analysts are watching to see how Apple navigates regulatory challenges while driving further growth in emerging product categories and services. With strong momentum from the latest iPhone release, Apple is well-positioned to kick off its new fiscal year on a high note.
