Apple Q4 revenue: iPhone up 6% YoY to $46.22B, Mac up 2% YoY to $7.74B, iPad up 8% YoY to $6.95B, and Wearables, Home, and Accessories down 3% YoY to $9.04B

Apple reported earnings after the bell. Here are the results.

CNBC 2024-11-01

Context & Ripple Effects

Apple’s comparable prior Q4 had modest iPhone growth while Mac and iPad revenue contracted sharply; this quarter reverses that weaker computer-and-tablet backdrop, as reflected in the prior year’s steep Mac and iPad declines.

The result also follows a Q3 in which iPhone revenue had slipped while iPad growth accelerated; that uneven Q3 product mix has shifted toward growth across Apple’s three largest reported hardware lines, with wearables still lagging.

First-order effects

iPhone remains Apple’s largest reported hardware revenue line and returned to 6% year-over-year growth, while Mac and iPad also grew.
Wearables, Home and Accessories fell 3%, leaving that segment as the only reported category in decline and limiting the breadth of the hardware recovery.

Second-order effects

The mix gives Apple more near-term support from its core handset business and improves the contribution of Mac and iPad versus the prior-year quarter.
The wearables decline increases pressure on Apple to restore growth in adjacent-device spending rather than rely solely on iPhone-led momentum.

Third-order effects

If this divergence persists, Apple’s hardware growth profile will remain disproportionately shaped by iPhone cycles, even as Mac and iPad recover from earlier contractions.
The results underscore a broader shift from uniform device-category expansion to uneven monetization across an installed hardware base; whether wearables reaccelerate is the key test of diversification.

The trend: Apple’s results are one data point in a broader trend of iPhone-led hardware resilience paired with uneven growth across companion-device categories.

Discussion

@asymco@mastodon.social @asymco@mastodon.social on mastodon
Tim Cook told Reuters that iPhone 16 sales grew faster than iPhone 15 sales did a year earlier
@neilcybart Neil Cybart on x
Apple provided some commentary for the current quarter (1Q25) - Revenue to grow low to mid single digits. - 46% to 47% gross margin. That's good guidance.
@sdw Sebastiaan de With on x
@neilcybart Noooo Kuo told me demand was weak!! People don't care about the iPhone 16, the Apple Store preorder dates said so
@divestech Dan Ives on x
This was a solid q for Apple and the iPhone 16 launch appears be off to a very good start. The rollout of Apple Intelligence will result in a strong Dec q but will also flow into rest of FY25. We believe Dec guide delta is lower wearables/Mac/iPad..iPhone and Services solid🐂🏆🍎
@neilcybart Neil Cybart on x
Apple finished FY24 with $109 billion of free cash flow. In FY23, free cash flow was $100 billion.
@rsgnl Joe Rossignol on x
“We're getting great feedback from customers and developers already and a really early stat, which is only three days worth of data: Users are adopting iOS 18.1 at twice the rate that they adopted 17.1 in the year ago quarter,” Apple CEO Tim Cook told CNBC.
@neilcybart Neil Cybart on x
Apple revenue in Greater China basically flat year-over-year in 4Q24. Will need to listen to call but suggests iPhone revenue was up even when including FX impact.
@appleinsider @appleinsider on x
Tim Cook has revealed that the adoption rate of iOS 18.1 is far faster than it was for iOS 17.1 at the same time in 2023. By @WGallagher https://appleinsider.com/...
@neilcybart Neil Cybart on x
Two Apple earnings thoughts (I have additional thoughts besides these two): 1) People are underestimating improving fundamentals found with the iPhone business. This isn't even about the Apple Intelligence rollout. I have been calling out this improvement to Above Avalon member…
@neilcybart Neil Cybart on x
Apple's 6% revenue growth in 4Q24 was the strongest revenue growth rate in two years.
@htsfhickey Fred Hickey on x
Apple iPhone revenues better than expected (by 1.6%) - but that could be just iPhone 16 channel fill. Key will be directional guide for Q4 on conf call. Mac revenue, iPad revenue, Other Products revenue (Watches and Airpods) & most importantly - Services revenues were all below

Chronicles