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Apple Inc. (AAPL0.00%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in total net sales to $124.3 billion from $119.6 billion in the same quarter the previous year. This increase is attributed to higher sales in services and certain product categories.
Net sales for the iPhone were relatively flat at $69.1 billion, compared to $69.7 billion in the previous year. Mac sales increased to $9.0 billion from $7.8 billion, and iPad sales rose to $8.1 billion from $7.0 billion.
Services revenue grew to $26.3 billion from $23.1 billion, driven by higher sales from advertising, the App Store, and cloud services.
The company reported a gross margin of $58.3 billion for the quarter, up from $54.9 billion in the previous year. The gross margin percentage increased to 46.9% from 45.9%.
Operating expenses increased to $15.4 billion from $14.5 billion, with research and development expenses rising to $8.3 billion and selling, general, and administrative expenses increasing to $7.2 billion.
Net income for the quarter was $36.3 billion, up from $33.9 billion in the previous year. Basic earnings per share were $2.41, compared to $2.19 in the previous year.
Cash generated by operating activities was $29.9 billion, while cash used in investing and financing activities was $9.8 billion and $39.4 billion, respectively.
Apple had a working capital of $133.2 billion as of December 28, 2024. The company continues to focus on product innovation and expansion of its services segment.
The filing also details various legal proceedings, including investigations under the European Union Digital Markets Act and a lawsuit filed by the U.S. Department of Justice alleging antitrust violations.
Apple does not anticipate any significant changes to its capital return program, which includes share repurchases and dividends.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Apple Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.