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Apple Q3 Earnings Beat Expectations, Tim Cook Highlights 'Breakthrough' AI Platform: Installed Base Of Devices Hits All-Time High, But China Revenue Falls (UPDATED)

Editor’s note: This story has been updated with additional details from Apple’s quarterly report and to more accurately describe Apple’s year-over-year revenue growth as being in the mid-single digits. Apple, Inc. (NASDAQ:AAPL) reported third-quarter earnings Thursday that exceeded expectations and revenue that grew year-over-year and came in ahead of the Street forecast. The outperformance was aided by strong showings across product categories. Apple shares, which have risen nearly in-line with the broader market this year, fell 1.08% to $216 in after-hours trading, according to Benzinga Pro data. The stock weakness is apparently due to Apple’s China and Services performance as well as Mac revenue modestly trailing expectations. Apple’s Key Q3 Numbers: Cupertino, California-based Apple reported mid-single-digit percentage year-over-year revenue growth for the third quarter, an improvement from the 4.31% decline in the second quarter and in line with the company’s guidance issued on the second-quarter earnings call. Here are the comparisons versus the consensus and prior-year periods: Q3’24 Actuals Q3’24 Consensus* Q3’23 Q2’24 Revenue $85.78B $84.53B $81.80B $90.75B Non-GAAP EPS $1.40 $1.35 $1.26 $1.53 Gross margin 46.26% N/A 44.26% 46.58% *according to Benzinga Pro data Commenting on the results, Tim Cook, CEO of Apple, ...