Apple's fiscal fourth-quarter announcement combines higher sales with two different earnings-per-share measures. The results concern the quarter ended September 28, 2024; the reported and adjusted earnings figures should remain clearly distinguished.
September-quarter sales
Reuters reported on October 31, 2024 that Apple's quarterly sales reached US$94.93 billion. iPhone sales were US$46.22 billion, up 5.5% year on year. The quarter included only the opening days of sales for the iPhone 16 range.
Reported earnings and the adjusted comparison
Apple's earnings release gives diluted earnings per share of US$0.97. Excluding a one-time tax-related charge, the company gives a non-GAAP figure of US$1.64. It also reports nearly US$27 billion of operating cash flow and more than US$29 billion returned to shareholders.
Keep the measures in their own columns
- Revenue records sales, not the amount remaining as profit.
- The adjusted earnings figure excludes an identified item and does not replace reported earnings.
- Operating cash flow and shareholder distributions describe different cash movements.
The gap between the two earnings figures is therefore not a contradiction to resolve by choosing the larger number. It reflects the different treatment of a specified charge. A comparison with another period needs the same basis on both sides; mixing reported earnings in one quarter with adjusted earnings in another would change the question being answered.
The reporting period sets the boundary
A quarter that includes the beginning of a product launch does not provide a full-quarter sales record for that product. Likewise, sales across the company cannot be assigned entirely to a new feature or device range without further evidence. The figures establish the quarter's corporate results, not an isolated measurement of the effect of a particular launch.
Cash returned to shareholders should also be kept separate from sales and earnings. It is an allocation of funds rather than another product-revenue category. The release supplies the corporate record; subsequent periods are needed to establish how the business develops after the September close.
Company: Apple Inc. Media contact published with the release: Apple Media Helpline, media.help@apple.com. Corporate website: https://www.apple.com/.
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