Apple Earned Record Revenue in September Quarter, But Profits Missed Estimates

Apple (AAPL) reported fiscal fourth-quarter results after reporting Thursday that beat analysts’ expectations for revenue but missed a profit.

The iPhone maker reported record September revenue of $94.93 billion, up 6% from last year and beating the $94.58 billion consensus estimate of analysts surveyed by Visible Alpha.

Net income was $14.74 billion, or 97 cents per share, below expectations of $22.49 billion, or $1.48 per share. After excluding one-time income taxes of $10.2 billion to reflect the impact of the reversal of the European General Court’s state aid decision, adjusted earnings per share were $1.46.

Apple’s iPhone revenue was $46.22 billion, beating expectations of $45.32 billion. However, iPhone 16 Release date September 20 There were less than two weeks left until the end of the quarter, meaning most of it came from the iPhone 15 and older models.

Analysts predict numbers for iPhone 16

The results come as the company rolls out Apple Intelligence features, including free iOS update for iPhone 16 and other devices released on Monday.

A clearer picture of iPhone 16 sales will emerge in the next quarter, with the optimistic scenario being an “AI-driven supercycle,” Wedbush analysts wrote. The company estimates that about 300 million iPhones worldwide have not been updated.

Apple shares fell more than 1% in extended trading. They were 17% higher this year by Thursday’s close.