Apple Misses Earnings Expectations on EU Tax Charge as Services Revenue Hits $25 Billion in New Quarterly Record
variety.comTodd Spangler NY Digital Editor Apple missed Wall Street earnings forecasts, as smartphone revenue — including sales of its new AI-enabled iPhone 16 — rose 5.5% while the tech giant’s services segment turned in record revenue.
The company reported revenue of $94.93 billion, up 6.1%, and net income of $14.74 billion, down 36%, for the three months ended Sept.
28. That translates to earnings per share of 97 cents for the period, which is Apple’s fourth quarter of fiscal 2024. The quarter is the first to include sales of Apple’s iPhone 16 family, which include the tech giant’s new AI features and became available Sept.
20. Apple said its earnings were hurt by a one-time charge recognized in the September quarter “related to the impact of the reversal of the European General Court’s State Aid decision.” Excluding that, diluted earnings per share were $1.64, topping Wall Street forecasts.
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