Apple's Q3 2024 earnings call highlights

Apple reported its highest-ever revenue for a June quarter during its Q3 2024 earnings call.

Key takeaways include:

iPhone Performance: The iPhone 15 outperformed the iPhone 14, with Apple CEO Tim Cook expressing excitement about the upcoming iPhone 16 and its Apple Intelligence features.

Apple Intelligence: Cook highlighted the staggered rollout of Apple Intelligence, with some features arriving over the year and wider language support coming later. Integration with ChatGPT for Siri is expected by year-end.

iPad Sales: A sharp increase in iPad sales was noted, with revenue at $7.2 billion, up 24% year-over-year, driven by new M4 iPad Pro and M2 iPad Air launches.

Services Revenue: Record-high services revenue at $24.2 billion, boosted by over one billion paid subscriptions.

Other Products: iPhone revenue dropped 1%, Mac revenue increased 2%, and revenue from Home, Accessories, and Wearables fell 2%.

Regulatory Compliance: Apple is working on compliance with the European Commission's Digital Markets Act and plans to introduce Apple Intelligence in the EU after understanding the regulatory requirements.

Outlook for September Quarter: Expected revenue growth year-over-year with services revenue continuing to grow at double-digit rates. Gross margin is projected between 45.5% and 46.6%.

Apple CFO Luca Maestri indicated that Mac revenue might face challenges compared to last year due to the impact of the 15-inch MacBook Air.