itzme091/TRY · Datasets at Hugging Face

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Americas net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services and iPad. Year-over-year Americas net sales increased during the first nine months of 2024 due primarily to higher net sales of Services, partially offset by lower net sales of iPhone and Wearables, Home and Accessories. The strength in foreign currencies relative to the U.S. dollar had a net favorable year-over-year impact on Americas net sales during the first nine months of 2024.

# Europe

Europe net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services and iPad. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during the third quarter of 2024. Year-over-year Europe net sales increased during the first nine months of 2024 due primarily to higher net sales of Services and iPhone, partially offset by lower net sales of Wearables, Home and Accessories.

# Greater China

Greater China net sales decreased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to lower net sales of iPhone. Year-over-year Greater China net sales decreased during the first nine months of 2024 due primarily to lower net sales of iPhone and iPad. The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater China net sales during the third quarter and first nine months of 2024.

# Japan

Japan net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of iPhone and iPad. Year-over-year Japan net sales increased during the first nine months of 2024 due primarily to higher net sales of iPhone, partially offset by lower net sales of Wearables, Home and Accessories. The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during the third quarter and first nine months of 2024.

# Rest of Asia Pacific

Rest of Asia Pacific net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services, iPhone and iPad. Year-over-year Rest of Asia Pacific net sales were relatively flat during the first nine months of 2024. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Rest of Asia Pacific net sales during the third quarter and first nine months of 2024.
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# Products and Services Performance

\| \| \|Three Months Ended\| \| \|Nine Months Ended\| \|
\|---\|---\|---\|---\|---\|---\|---\|
\| \|June 29, 2024\|July 1, 2023\|Change\|June 29, 2024\|July 1, 2023\|Change\|
\|Net sales by category:\| \| \| \| \| \| \|
\|iPhone\|$39,296\|$39,669\|(1)%\|$154,961\|$156,778\|(1)%\|
\|Mac\|$7,009\|$6,840\|2 %\|$22,240\|$21,743\|2 %\|
\|iPad\|$7,162\|$5,791\|24 %\|$19,744\|$21,857\|(10)%\|
\|Wearables, Home and Accessories\|$8,097\|$8,284\|(2)%\|$27,963\|$30,523\|(8)%\|
\|Services\|$24,213\|$21,213\|14 %\|$71,197\|$62,886\|13 %\|
\|Total net sales\|$85,777\|$81,797\|5 %\|$296,105\|$293,787\|1 %\|

iPhone

iPhone net sales were relatively flat during the third quarter and first nine months of 2024 compared to the same periods in 2023.

Mac

Mac net sales increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due to higher net sales of laptops.

iPad

iPad net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of iPad Pro and iPad Air. Year-over-year iPad net sales decreased during the first nine months of 2024 due primarily to lower net sales of iPad 9th generation and iPad Pro, partially offset by higher net sales of iPad 10th generation.

Wearables, Home and Accessories

Wearables, Home and Accessories net sales decreased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to lower net sales of Wearables. Year-over-year Wearables, Home and Accessories net sales decreased during the first nine months of 2024 due primarily to lower net sales of Wearables and Accessories.

Services

Services net sales increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to higher net sales from advertising, the App Store®and cloud services.

Apple Inc. \| Q3 2024 Form 10-Q \| 15
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# Gross Margin

\| \|Three Months Ended June 29, 2024\|July 1, 2023\|Nine Months Ended June 29, 2024\|July 1, 2023\|
\|---\|---\|---\|---\|---\|
\|Gross margin:\|$21,761\|$21,448\|$84,241\|$84,205\|
\|Products\| \| \| \| \|
\|Services\| \| \| \| \|
\|Total gross margin\|$39,678\|$36,413\|$136,804\|$128,721\|
\|Gross margin percentage:\| \| \| \| \|
\|Products\|35.3%\|35.4%\|37.5%\|36.5%\|
\|Services\|74.0%\|70.5%\|73.8%\|70.8%\|
\|Total gross margin percentage\|46.3%\|44.5%\|46.2%\|43.8%\|

# Products Gross Margin

Products gross margin was relatively flat during the third quarter and first nine months of 2024 compared to the same periods in 2023.

Products gross margin percentage was relatively flat during the third quarter of 2024 compared to the third quarter of 2023. Year-over-year Products gross margin percentage increased during the first nine months of 2024 due primarily to cost savings, partially offset by a different Products mix and the weakness in foreign currencies relative to the U.S. dollar.

# Services Gross Margin

Services gross margin increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to higher Services net sales.

Services gross margin percentage increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to a different Services mix.

The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2023 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure.

# Operating Expenses

\| \|Three Months Ended June 29, 2024\|July 1, 2023\|Nine Months Ended June 29, 2024\|July 1, 2023\|
\|---\|---\|---\|---\|---\|
\|Research and development\|$8,006\|$7,442\|$23,605\|$22,608\|
\|Percentage of total net sales\|9%\|9%\|8%\|8%\|
\|Selling, general and administrative\|$6,320\|$5,973\|$19,574\|$18,781\|
\|Percentage of total net sales\|7%\|7%\|7%\|6%\|
\|Total operating expenses\|$14,326\|$13,415\|$43,179\|$41,389\|
\|Percentage of total net sales\|17%\|16%\|15%\|14%\|

# Research and Development

The growth in research and development (“R&D”) expense during the third quarter and first nine months of 2024 compared to the same periods in 2023 was driven primarily by increases in headcount-related expenses.
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# Selling, General and Administrative

Selling, general and administrative expense increased $347 million during the third quarter of 2024 and $793 million during the first nine months of 2024 compared to the same periods in 2023.

Americas net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services and iPad. Year-over-year Americas net sales increased during the first nine months of 2024 due primarily to higher net sales of Services, partially offset by lower net sales of iPhone and Wearables, Home and Accessories. The strength in foreign currencies relative to the U.S. dollar had a net favorable year-over-year impact on Americas net sales during the first nine months of 2024.

# Europe

Europe net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services and iPad. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during the third quarter of 2024. Year-over-year Europe net sales increased during the first nine months of 2024 due primarily to higher net sales of Services and iPhone, partially offset by lower net sales of Wearables, Home and Accessories.

# Greater China

Greater China net sales decreased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to lower net sales of iPhone. Year-over-year Greater China net sales decreased during the first nine months of 2024 due primarily to lower net sales of iPhone and iPad. The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater China net sales during the third quarter and first nine months of 2024.

# Japan

Japan net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of iPhone and iPad. Year-over-year Japan net sales increased during the first nine months of 2024 due primarily to higher net sales of iPhone, partially offset by lower net sales of Wearables, Home and Accessories. The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during the third quarter and first nine months of 2024.

# Rest of Asia Pacific

Rest of Asia Pacific net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services, iPhone and iPad. Year-over-year Rest of Asia Pacific net sales were relatively flat during the first nine months of 2024. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Rest of Asia Pacific net sales during the third quarter and first nine months of 2024.

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# Products and Services Performance

|---|---|---|---|---|---|---|

|iPhone|$39,296|$39,669|(1)%|$154,961|$156,778|(1)%|

|Mac|$7,009|$6,840|2 %|$22,240|$21,743|2 %|

|iPad|$7,162|$5,791|24 %|$19,744|$21,857|(10)%|

|Wearables, Home and Accessories|$8,097|$8,284|(2)%|$27,963|$30,523|(8)%|

|Services|$24,213|$21,213|14 %|$71,197|$62,886|13 %|

|Total net sales|$85,777|$81,797|5 %|$296,105|$293,787|1 %|

iPhone

iPhone net sales were relatively flat during the third quarter and first nine months of 2024 compared to the same periods in 2023.

Mac

Mac net sales increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due to higher net sales of laptops.

iPad

iPad net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of iPad Pro and iPad Air. Year-over-year iPad net sales decreased during the first nine months of 2024 due primarily to lower net sales of iPad 9th generation and iPad Pro, partially offset by higher net sales of iPad 10th generation.

Wearables, Home and Accessories

Wearables, Home and Accessories net sales decreased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to lower net sales of Wearables. Year-over-year Wearables, Home and Accessories net sales decreased during the first nine months of 2024 due primarily to lower net sales of Wearables and Accessories.

Services

Services net sales increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to higher net sales from advertising, the App Store®and cloud services.

Apple Inc. | Q3 2024 Form 10-Q | 15

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# Gross Margin

|---|---|---|---|---|

|Gross margin:|$21,761|$21,448|$84,241|$84,205|

|Total gross margin|$39,678|$36,413|$136,804|$128,721|

|Products|35.3%|35.4%|37.5%|36.5%|

|Services|74.0%|70.5%|73.8%|70.8%|

|Total gross margin percentage|46.3%|44.5%|46.2%|43.8%|

# Products Gross Margin

Products gross margin was relatively flat during the third quarter and first nine months of 2024 compared to the same periods in 2023.

Products gross margin percentage was relatively flat during the third quarter of 2024 compared to the third quarter of 2023. Year-over-year Products gross margin percentage increased during the first nine months of 2024 due primarily to cost savings, partially offset by a different Products mix and the weakness in foreign currencies relative to the U.S. dollar.

# Services Gross Margin

Services gross margin increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to higher Services net sales.

Services gross margin percentage increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to a different Services mix.

The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2023 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure.

# Operating Expenses

|---|---|---|---|---|

|Research and development|$8,006|$7,442|$23,605|$22,608|

|Percentage of total net sales|9%|9%|8%|8%|

|Selling, general and administrative|$6,320|$5,973|$19,574|$18,781|

|Percentage of total net sales|7%|7%|7%|6%|

|Total operating expenses|$14,326|$13,415|$43,179|$41,389|

|Percentage of total net sales|17%|16%|15%|14%|

# Research and Development

The growth in research and development (“R&D”) expense during the third quarter and first nine months of 2024 compared to the same periods in 2023 was driven primarily by increases in headcount-related expenses.

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# Selling, General and Administrative

Selling, general and administrative expense increased $347 million during the third quarter of 2024 and $793 million during the first nine months of 2024 compared to the same periods in 2023.