OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Instagram Outage Disrupts Thousands of U.S. Users 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Apple posted a solid financial performance in Q3 2024, reporting a profit of $21.4 billion on $85.8 billion in revenue. The earnings call highlighted new hardware releases and solid gains in multiple segments, exceeding Wall Street's expectations.
Apple's Q3 2024 Profit Surpasses Expectations, Driven by New Hardware Releases Despite iPhone Revenue Dip
Apple's Q3 2024 earnings call showcased a solid financial performance driven by the release of new hardware. The California-based company reported a profit of $21.4 billion on revenue of $85.8 billion, surpassing Wall Street's expectations in all segments. However, as the source will soon discuss, not all categories outperformed the previous quarter.
The technology giant's revenue in the third quarter of 2024 exceeded the $81.80 billion it generated in the same quarter a year prior, and its earnings per share increased to $1.40 from $1.26 in the third quarter of 2023. According to Wccftech. the iPhone segment of Apple's Q2 2024 earnings, which accounted for 50.6 percent of the total revenue at $45.96 billion, generated a reduced revenue of $39.3 billion, or 45.7 percent of the total. This figure may have exceeded Wall Street's projections; however, it is less than the $39.67 billion Apple generated in Q3 2023.
New iPad Launches Boost Apple's Q3 2024 Earnings, Services Revenue Continues to Grow Steadily
Apple was fortunate to receive a financial cushion due to the M2 iPad Air and M4 iPad Pro launches. The Mac range generated $7.01 billion, a modest increase from the $6.84 billion it generated in Q3 2023, while the new tablet releases generated $7.16 billion, up from $5.79 billion a year ago. In the Wearables, Home, and Accessories category, Apple's Q3 2024 earnings showed a revenue of $8.09 billion, a decrease from $8.28 billion a year ago.
The Services segment once again proved to be a reliable source of income for Apple, with its revenue increasing from $21.21 billion in Q3 2023 to $24.2 billion. This growth underscores the segment's importance in Apple's revenue stream. Apple's gross margin for the quarter was 46.3 percent, a slight decrease from 44.5 percent a year ago.
