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Apple’s Q3 profit drops 36% despite revenue growth

Apple released its earnings report for Q3 2024 on November 1, showing total net revenue of $94.93 billion, a 6% increase from $89.50 billion in the same period last year. However, net profit fell by 36% to $14.74 billion, down from $22.96 billion a year earlier. Overall, Apple’s earnings per share and revenue exceeded Wall Street analysts’ expectations for the quarter. While iPhone revenue has stabilized, the company continues to face challenges in the Greater China region, where it has not yet fully recovered and revenue remains in decline compared to other major markets. Specifically, revenue for Apple’s Americas segment was $41.66 billion, up from $40.12 billion a year earlier; Europe segment revenue was $24.92 billion, compared to $22.46 billion; Japan segment revenue was $5.93 billion, up from $5.51 billion; and revenue from the rest of the Asia-Pacific region was $7.38 billion, compared to $6.33 billion a year ago.

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