Apple’s financial performance in the third quarter of 2024 showed an increase in revenue compared to the same period in 2023 but news of Warren Buffer selling half of Berkshire’s stock in the company . Nevertheless, the company reported net sales of $85,777 million in 2024, up from $81,797 million in 2023, that equates to 4.9% YoY growth. This growth was driven by a significant increase in services and iPad sales, although there was a slight decline in iPhone and wearables sales.
Apple’s gross margin improved to $39,678 million from $36,413 million the previous year, a 9% increase YoY. Operating income also saw a notable rise, reaching $25,352 million compared to $22,998 million in 2023, a 10.2% increase YoY. Net income followed this positive trend, growing by 7.9% to $21,448 million from $19,881 million.
When it comes to regional performance, Apple saw strong sales growth in the Americas and Europe, with increases of 6.5% and 8.3%, respectively. However, sales in Greater China dropped by 6.5%. In Japan and the Rest of Asia Pacific, Apple experienced sales growth of 5.7% and 13.5%, respectively.
Looking at the product categories, iPhone sales saw a slight decrease, contributing 45.8% to total revenue in 2024, down from 48.5% in 2023. The Mac’s contribution remained relatively stable at about 8.2%, while iPad sales increased their share to 8.3%. Wearables, Home, and Accessories saw a small decline in their revenue contribution, dropping to 9.4% from 10.1% the previous year. Services showed impressive growth, boosting their contribution to 28.2% of total revenue in 2024, up from 25.9% in 2023.
