Apple's Q3 Revenue Hits $85.8 Billion Despite iPhone Sales Dip
Apple reported its fiscal third quarter results, surpassing Wall Street expectations despite a slight decline in iPhone sales. The company achieved earnings per share (EPS) of $1.40 and revenue of $85.8 billion, exceeding the analysts' forecast of $84.4 billion. iPhone revenue for the quarter was $39.3 billion, slightly higher than last year's $38.6 billion. However, sales in Greater China saw a 6.5% drop to $14.73 billion, although this was better than the expected 2.4% decline.
The company experienced a 5% overall increase in revenue compared to the same period last year, with notable gains in the iPad and Services categories. New iPad models, including the iPad Pro and iPad Air, contributed to this growth. Services revenue also rose by approximately $3 billion, reaching $24.2 billion. Apple returned over $32 billion to shareholders and declared a cash dividend of $0.25 per share.
Apple's installed base of active devices reached an all-time high across all geographic segments, attributed to high customer satisfaction and loyalty. The company's shares have increased by 18.6% year to date, partly driven by the anticipation of its new Apple Intelligence software, which will be compatible with the upcoming iPhone 15 Pro. Apple also faces ongoing probes in the European Union and the U.S. Department of Justice regarding allegations of monopolizing the smartphone market.
