Apple (AAPL) announced its Q4 fiscal results on Thursday after the bell, which beat analysts' predictions in terms of revenue but failed to meet profit forecasts. The company registered record revenue for the September quarter at $94.93 billion, marking a 6% increase year-over-year and surpassing the consensus estimate of $94.58 billion by Visible Alpha analysts.
Unfortunately, Apple's net income of $14.74 billion, or 97 cents per share, fell short of the expected $22.49 billion, or $1.48 per share. After adjusting for a one-time income tax charge of $10.2 billion consequential to the reversal of the European General Court’s State Aid decision, the adjusted EPS stood at $1.46.
Apple's iPhone revenue was $46.22 billion, which is more than the anticipated $45.32 billion. It should be noted, however, that the release of iPhone 16 on September 20 offered less than two weeks to make an impact on the fiscal quarter, implying most of the revenue came from iPhone 15 and older models.
The recent roll-out of Apple Intelligence features, including a free iOS update for the iPhone 16 and other devices, could potentially influence future earnings, with a more precise picture of iPhone 16 sales expected next quarter. According to Wedbush analysts, a possible "AI-driven super cycle" could trigger this. The firm estimates there are around 300 million iPhones worldwide that have not yet been upgraded.
Despite the release of the fiscal Q4 results, Apple's shares fell by more than 1% in after-hours trading. Prior to the announcement, Apple's shares were up 17% this year through Thursday's close.