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apple's annual revenue is currently expected to exceed $400 billion in 2024, a record high driven primarily by all of its hardware, such as the iphone, as well as new highs in services. when apple was founded in 1977, it was estimated that its first year of revenue was about $775,000. nearly 50 years later, its latest official financial report shows that its revenue in the third quarter of 2024 was $84.78 billion.

according to research and estimates by counterpoint research, apple's revenue could exceed $400 billion for the full year 2024. it is worth noting that this is another increase after the decline in revenue in 2023, and the new growth is attributed not only to the iphone, but also to all of apple's hardware and services.

"[apple's services segment] is expected to grow at a much faster pace than hardware," said tarun pathak of counterpoint. "however, in terms of absolute revenue growth, hardware remains the key driver for apple, given that it accounts for three-quarters of apple's global revenue."

pathak continued: "after a decline in 2023, 2024 will see growth in several key hardware categories driven by multiple new products. in addition, the expected application of apple intelligence technology across hardware areas has renewed excitement and may drive product upgrades."

apple's revenue from 2008 to 2024 (source: counterpoint research)

counterpoint research estimates that apple's "services" business itself will continue to grow. the firm expects services revenue to exceed $100 billion for the first time by 2025. this means that the "services" segment will generate more revenue than all of apple's hardware except the iphone.

overall, counterpoint's estimates are based on predictions that, in addition to the iphone, apple will launch new products such as the ipad, mac, apple watch and airpods. it believes that airpods could become apple's fastest-growing earnings segment.

looking ahead, the researchers predict that once apple figures out which elements can be converted, it will generate revenue directly from "apple intelligence." it is expected that apple intelligence will increase service revenue by at least 10%-15% in the next few years.

the apple intelligence system is expected to be a key element in apple's launch of the iphone 16, scheduled for september 9, 2024.