Apple reports all-time high revenues despite underwhelming iPhone sales in Q1
The holiday quarter is traditionally Appleâs best in terms of earnings, and the three-month period leading up to December 28, 2024, proved to be a historic run. Cupertinoâs quarterly revenues peaked at an all-time high of $124.3 billion, which is a 4% year-over-year increase. Net income rose to $36.3 billion as Apple reported record sales figures for its key markets, including the Americas, Europe, Japan and the Rest of Asia Pacific.
Breaking down the performance by category, Apple saw robust revenues for its Mac ($8.9 billion) and iPad ($8.0 billion) lineups, but it was the services sector (Apple Music, TV+ and iCloud) that reached an all-time high revenue of $26.3 billion and served as the major growth driver.
On the other hand, iPhone revenue dipped slightly at $69.1 billion compared to $69.7 billion in 2023. Net sales in China declined by over $2 billion which is another cause for concern. Looking ahead, Apple Intelligence is expected to roll out to more languages and regions in April, and Cupertino hopes it will be a key growth driver throughout 2025. The press release also confirmed an all-time high in active Apple devices across all product and geographic segments.