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apple's september event is set to kick off the iphone 16 series. earlier reports said that apple has reserved some advanced innovations for the iphone 17, and the company is said to be expecting strong sales of the upcoming iphone. in light of this, analysts believe that apple's revenue in 2024 could hit a record high.

according to a new report from counterpoint research, apple's revenue is expected to reach $400 billion for the first time in 2024, with the largest contributions from growth in the hardware and services sectors. the iphone 16 series and "apple intelligence" could be the catalysts for the iphone maker to reach this milestone.

despite recent layoffs at apple, its latest earnings report paints a rosy picture for the company. for reference, apple generated $85.8 billion in revenue in the third quarter of 2024, beating wall street expectations.

in this quarter, apple earned $39.30 billion in revenue from iphone sales, while service revenue was $24.21 billion. the total revenue from mac, ipad, wearable devices, home, accessories and other products was also close to $22.27 billion. apple's net income for the quarter was $21.45 billion.

according to counterpoint research, apple's hardware business (including iphone, ipad, mac, watch and airpods) will grow 3% year-on-year in 2024, of which airpods will be the fastest growing business. as for service revenue, the analysis company said that it will exceed the $100 billion mark for the first time in 2025. it should be noted that apple's services include music, movies, tv shows, stickers, books and application purchases.

tarun pathak, research director at counterpoint, said:

"the services space is really exciting in terms of growth rates, and now with apple intelligence. it will grow at a much faster rate than hardware. however, in terms of absolute revenue growth, hardware remains the key driver for apple, as it accounts for three-quarters of apple's global revenue."

counterpoint also believes that the cupertino-based company may monetize the apple intelligence service, perhaps by locking up some of its best features as a subscription service.