Apple sees 6 percent rise in sales during July-September period
Date
11/3/2024 7:49:04 AM
(MENAFN) Apple experienced a 6 percent increase in sales during the July to September period of this year, as indicated by the financial results released on Thursday. The tech giant reported total Net Sales of nearly USD94.9 billion for the quarter ending on September 28, marking a significant rise from approximately USD89.5 billion in the same quarter of the previous year.
In terms of product sales, iPhone revenue saw a 5.5 percent increase, reaching USD46.2 billion compared to USD43.8 billion in the prior year’s third quarter. Additionally, iPad sales rose by almost 8 percent, totaling USD6.95 billion, up from USD6.44 billion during the same timeframe. However, Mac sales experienced a decline of 1.7 percent, decreasing from USD7.74 billion to USD7.61 billion.
In a notable financial development, Apple disclosed a one-time income tax charge of USD10.2 billion related to a longstanding case concerning taxes in Ireland that dates back to 2016. This came after the European Court of Justice ruled on September 10, 2024, to annul a previous 2020 judgment and affirmed the European Commission’s State Aid decision from 2016.
The statement detailed that during the fourth quarter of 2024, this tax charge consisted of a USD15.8 billion payment to Ireland, which would be released from restricted funds held in escrow. This was somewhat mitigated by a US foreign tax credit amounting to USD4.8 billion and a decrease in unrecognized tax benefits by USD823 million.
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