AAPL

Beat

Earnings Call

Jul 31, 2024

Q3 FY2024

EPS Estimate

1.35

EPS Actual

1.40

Post-Earnings Close

$207.15

Earnings Reaction

+7.3%

Overview

Apple reported a record June quarter with revenue of $85.8 billion, up 5% year-over-year, and diluted EPS of $1.40, up 11% YoY, both June quarter records. The results came in ahead of consensus expectations of $84.5 billion and $1.35 EPS respectively, driven by a blowout Services quarter ($24.2 billion, +14% YoY, all-time record) and a strong iPad rebound (+24% YoY) following the launch of the new iPad Pro and iPad Air. iPhone revenue of $39.3 billion declined 1% nominally but grew on a constant currency basis, with the installed base reaching an all-time high across all geographies.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on Mar 30, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

AAPL

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Overview

Q&A Summary