Apple achieves record earnings, thanks to strong performance in India, other markets

Apple's CEO, Tim Cook, announced that the company achieved a new June quarter revenue record of $85.8 billion, marking a 5 per cent increase compared to the previous year. This surpassed the company's expectations. In the earnings conference call, Cook highlighted that Apple set quarterly revenue records in over two dozen countries, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand. He also noted an all-time revenue record in services, which saw a 14 per cent growth.

Cook said, "We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand."

During the earnings call, Cook emphasised the exciting updates to Apple’s software platforms revealed at the Worldwide Developers Conference. He introduced Apple Intelligence, a breakthrough personal intelligence system integrating advanced generative AI models into iPhone, iPad, and Mac. Cook expressed enthusiasm about the potential of these tools and Apple's ongoing investment in innovations to enhance customers' lives.

Luca Maestri, Senior Vice President and Chief Financial Officer, reported that the Mac generated $7 billion in revenue, a 2 per cent year-over-year increase, driven by the MacBook Air powered by the M3 chip. Maestri highlighted strong performance in emerging markets, with June quarter records for Mac sales in Latin America, India, and South Asia.

Cook shared his optimism about the extraordinary possibilities of AI and its ability to enrich customers' lives. He stated that Apple would continue to invest significantly in AI technology, aiming to unlock its full potential. Cook elaborated that Apple Intelligence would be integrated into many daily-use apps, enhancing user experience naturally and excitingly.

Apple announced a quarterly earnings per diluted share of $1.40, an 11 per cent increase year-over-year. The company's record business performance generated nearly $29 billion in operating cash flow, enabling Apple to return over $32 billion to shareholders. Apple's board of directors declared a cash dividend of $0.25 per share, payable on August 15, 2024, to shareholders of record as of August 12, 2024.