Apple has scheduled its fiscal third quarter earnings release for Thursday, August 1. Apple’s Q3 2024 earnings will cover the months of April, May, and June, covering the launch of the new M3 MacBook Air and the new iPad Pro.
Apple doesn’t provide detailed product-level guidance for quarterly earnings, but here’s what Apple CFO Luca Maestri broadly says we should expect for Q3 2024:
We expect our Services business to grow double digits at a rate similar to the growth we reported for the first half of the fiscal year. And we expect iPad revenue to grow double digits. We expect gross margin to be between 45.5% and 46.5%. We expect operating expenses to be between $14.3 billion and $14.5 billion. We expect other income and expenses to be around $50 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%. With that, let’s open the call to questions.
Here’s what Apple reported for Q3 2023 last year:
- iPhone: $39.67 billion ($39.9 billion estimated)
- Down from $40.67 billion in Q3 2022
- Mac: $6.84 billion ($6.6 billion estimated)
- Down from $7.38 billion in Q3 2022
- iPad: $5.79 billion ($6.4 billion estimated)
- Down from $7.22 billion in Q3 2022
- Wearables, Home, and Accessories: $8.28 billion ($8.4 billion estimated)
- Up from $8.08 billion in Q3 2022
- Services: $21.21 billion ($20.8 billion estimated)
- Up from $19.60 billion in Q3 2022
As is the case every quarter, Apple will live stream the earnings call on its Investor Relations website. We’ll have our own coverage right here at 9to5Mac, as well. The call will be held at 2PM PT/5PM ET with Apple releasing its full earnings report 30 minutes before that.
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