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Apple's latest financial report: Revenue in Greater China declines, but continues to invest in AI

2024-08-02

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Apple today released its third quarter results for fiscal year 2024, with total revenue of $85.78 billion, a year-on-year increase of 5%; diluted earnings per share were $1.40, a year-on-year increase of 11%. 

Apple's revenue in Greater China was $14.728 billion, down nearly 7% from the same period last year. Apple Chief Financial Officer Luca Maestri said that if the impact of exchange rates is excluded, sales in the Chinese market would only drop by less than 3%.

By business, iPhone business revenue was US$39.296 billion, down 0.94% from the same period last year (US$39.669 billion).

Mac business revenue was $7.009 billion, an increase of 2.4% compared to the same period last year ($6.84 billion).

iPad business revenue was US$7.162 billion, an increase of 23.7% compared to the same period last year (US$5.791 billion).

Revenue from wearables, smart home and related accessories was $8.097 billion, down 2.3% from the same period last year ($8.284 billion).

Service business revenue was US$24.213 billion, an increase of 14.1% compared with the same period last year (US$21.213 billion).

Apple CEO Tim Cook has signaled continued significant investments in artificial intelligence technology, which provides another reason for people to buy a new iPhone.