Apple’s Q3 Earnings (Finance)
August 1, 2024
Apple released their financial results for their 2024 third quarter ended on June 29, 2024. They reported a quarterly revenue record of $85.8 billion, which was up 5% from a year ago.
The main takeaway from the earnings call was the discussion about Apple Intelligence that is set to release to users in the US in the fall. Apple Intelligence will only be compatible with iPhone 15 Pro models along with the new iPhone 16 line that is set to release in September. Tim Cook believes that it will be difficult to predict iPhone upgrade rates now, but they are excited about the “level of value” that Apple Intelligence will bring to its users.
With Apple Intelligence being only able to run on iPhone 15 Pro and newer devices, this could drive consumers to upgrade their iPhones for the specific AI features.