Apple's services segment provided a boost to the tech giant's overall earnings in the third quarter of 2024, amid a slight decline in iPhone sales.
The company’s services division, which includes Apple TV+, Apple Music, the App Store and other services, posted a new quarterly revenue record of $24.21 billion, up 14.1%. The company’s iPhone sales were $39.3 billion, down 0.9%.
Overall, the company reported revenue of $85.8 billion for the three months ended June 29, up 5% and a record for the June quarter. Apple’s diluted earnings per share were $1.40, up 11%. That beat Wall Street expectations, which had forecast sales of $84.53 billion and earnings per share of $1.35. For the quarter ending September 2024, analysts expect revenue of $93.39 billion.
Apple CEO Tim Cook pointed to the company's news announcements at WWDC 2024, including Apple Intelligence, which “puts powerful, proprietary generative AI models at the heart of iPhone, iPad, and Mac.”
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