Apple, the largest company in the world by market capitalisation, is popular for its products like the iPhone, Mac, and iPad. Besides hardware, it has built an ecosystem of software, subscription services, and digital content, solidifying its position as one of the leading tech companies in the world. Apple just announced its Q3 2024 results, with services revenue and Apple Intelligence drawing significant attention from analysts.
Revenue increased 4.9% year-on-year to US$85.8 billion in Q3 2024, which is above expectations. The revenue growth was primarily driven by a double-digit increase in the services segment, despite a 230-basis point negative impact from foreign exchange fluctuations.
Net income rose by 7.9%, with earnings per share up by 11.1%, as Apple repurchased 139 million shares from the open market for US$26 billion. The company also declared a cash dividend of US$0.25 per share for the quarter. Revenue in the upcoming quarter is expected to grow at a similar pace....