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Apple’s Record Q4 Revenue Fueled by iPhone 16 Sales Despite Profit Decline from EU Tax Bill
Nov 05, 2024 Chathura Prabhaswara Gamage News 368 hits
Apple’s Record Q4 Revenue Fueled by iPhone 16 Sales Despite Profit Decline from EU Tax Bill
Apple has just released its financial report for the last quarter of its fiscal year, the period from July to September. Apple saw a 6% increase in revenue thanks to strong sales of the iPhone 16. Overall, Apple took in $94.9 billion this quarter, reflecting continued growth in markets around the world.
A surge in Apple iPhone 16 sales boosts revenue
Revenue growth came from several areas. In addition to the iPhone, Apple also saw increased sales of Macs, iPads and services. However, the wearables category, which includes products like the Apple Watch and AirPods, saw a slight decline of around 3%. Despite this small drop, it did not have a significant impact on Apple's overall sales.
During a conference call, Tim Cook, CEO of Apple, highlighted the good results of iPhone sales in September. He noted that the company set a new record for iPhone sales this month. Sales increased in all major geographies. This increase was partly due to the launch of the new iPhone 16 models. These devices went on sale during the last ten days of the quarter. The big hype surrounding the iPhone 16 contributed to a surge in demand. This shows how crucial the iPhone is to Apple's financial success.
Despite the increase in sales, Apple reported a 35% drop in net profit compared to last year. This decrease was mainly due to a €14.3 billion ($15.8 billion) back tax payment to Ireland. This payment resulted from a European Union ruling that determined that Apple's previous tax arrangements in Ireland were unfair. And thus they violated EU laws. That high tax bill had a big impact on Apple's earnings for the quarter. It also draws attention to the financial problems that companies face in relation to international regulations.
Overall, Apple's latest financial results show its strong market position and the popularity of its products. And (unsurprisingly) especially the iPhone. However, the decline in net profit is also a reminder of the challenges associated with global operations. That is, cases where companies have to deal with complex tax laws and regulations.
Going forward, Apple plans to continue expanding its product line and improving its services to maintain growth. The report shows both the strength of Apple's offering and the obstacles it faces in a changing regulatory environment.
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