Apple announced earlierFiscal Year 2024 Third Quarter Financial Results, with revenue reaching $857.8 billion, a 5% year-over-year increase, and net profit reaching $214.5 billion, a 7.9% increase. While overall revenue continued to grow, iPhone and Apple Watch sales declined. The lack of new iPhone models and colors this spring contributed to the slowdown in overall sales momentum, and this was also influenced by declining sales in the Chinese market.
Looking at the performance of various product businesses, iPhone sales declined by approximately 0.94%, while the Wearables, Home & Accessories business, which includes products such as the Apple Watch, AirPods, and HomePod, saw a 2.26% decline. Meanwhile, iPad sales increased by 23.63% thanks to the launch of the new iPad Air and iPad Pro, and Mac sales also grew by 2.46%.
As for service revenue, it reached US$242.13 billion, a significant increase compared to the same period last year, which means that more of Apple's profits will come from its service projects, especially if the "Apple Intelligence" service is listed as a paid item in the future, which may further increase Apple's profits.
With the upcoming release of a new iPhone and the initial rollout of its "Apple Intelligence" service next quarter, Apple anticipates growth in its upcoming financial report. Furthermore, regarding sales performance in Greater China, Apple stated that business growth in the Chinese market has been stronger than in previous years, and anticipates a subsequent recovery with the release of new devices.
