# Apple Announces Record Q4 2024 Earnings Despite Tax Liability
Apple Inc. has recently shared its earnings report for the fiscal fourth quarter of 2024, showcasing an impressive revenue of $94.93 billion for the three-month duration concluding on September 28, 2024. This amount reflects a 6% increase compared to the previous year, achieving a new high for the September quarter. For reference, the company reported $89.5 billion in revenue for the same timeframe last year.
## A $10 Billion Tax Liability
In spite of the remarkable revenue numbers, Apple’s earnings report is accompanied by a noteworthy disclaimer: a one-time income tax expense estimated at around $10.2 billion. This charge stems from a decision mandating Apple to settle €13 billion in back taxes with the Irish government, following an extended legal dispute. Consequently, Apple’s net income for the quarter was recorded at $14.74 billion. Excluding the tax charge, the earnings per share (EPS) was noted at $1.64, in contrast to the EPS of $0.97 from the previous year.
## Revenue Analysis by Product Category
Apple refrains from disclosing unit sales for its products; rather, it provides a revenue breakdown by product category. Here are the prominent figures from Q4 2024:
– **Total Revenue**: $94.93 billion (increased 6% year-over-year)
– **iPhone**: $46.22 billion (up 5.5% year-over-year)
– **Mac**: $7.74 billion (up 1.71% year-over-year)
– **iPad**: $6.95 billion (up 7.87% year-over-year)
– **Wearables, Home, and Accessories**: $9.04 billion (down 3% year-over-year)
– **Services**: $24.97 billion (up 11.91% year-over-year)
Analysts had forecasted revenue of $94.59 billion, expecting an EPS of $1.48, indicating that Apple surpassed market expectations despite the tax liability.
## Executive Commentary
Apple’s CEO, Tim Cook, conveyed pride in the company’s achievements during Q4 2024, highlighting the successful introduction of the iPhone 16 and various new devices, including the Apple Watch Series 10 and AirPods 4. He remarked, “Today Apple is announcing a new September quarter revenue record of $94.9 billion, reflecting a 6 percent increase from last year. During the quarter, we were thrilled to unveil our finest products yet…”
CFO Luca Maestri reinforced the positive outlook, mentioning that the record business performance resulted in nearly $27 billion in operating cash flow, enabling Apple to return over $29 billion to shareholders. He underlined the expansion of Apple’s active installed base of devices, which achieved a record high across all product lines and regions.
## Future Outlook
Apple’s fiscal fourth quarter initiated on June 30 and concluded on September 28. The iPhone 16 was offered for pre-order starting September 13, alongside the Apple Watch Series 10. While the fiscal Q4 results serve as an early indicator of the new iPhone model’s success, they do not represent the full scope.
For those seeking a more comprehensive analysis of Apple’s earnings, the complete earnings release is available on the [Apple Newsroom](https://www.apple.com/newsroom/2024/08/apple-reports-third-quarter-results/). Furthermore, live coverage of the earnings call featuring Tim Cook and Luca Maestri can be found on the [company’s Investor Relations website](http://investor.apple.com/).
As always, for additional insights and visual presentations of Apple’s fiscal fourth quarter results, readers are encouraged to visit [Six Colors](https://sixcolors.com/post/2024/10/apples-q424-results-95b-revenue-with-a-twist/).
—
This article presents a summary of Apple’s Q4 2024 earnings, emphasizing the company’s financial performance, product revenue distribution, and executive insights while also addressing the considerable tax charge that affected net income.
