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Tag: Securities and Exchange Commission

  • Apple releases Q4 2024 earnings, cites $94.9 billion in revenue, $14.7 billion profit for the quarter

    Apple releases Q4 2024 earnings, cites $94.9 billion in revenue, $14.7 billion profit for the quarter

    Apple had a fair amount to brag about during its fourth quarter 2024 earnings call on Thursday, the company posting revenue of $94.9 billion for the quarter, a 6 percent increase year over year, and a record for the quarter. The company reported $14.7 billion in profit.

    Apple saw continued growth in its Services division, which posted $25 billion in revenue, and a 12 percent increase from last year’s $22.3 billion. iPhone sales were up year over year, posting $46.2 billion in revenue, which marked a 5.5 percent increase from the fourth quarter of 2023. iPad sales were also up, posting $6.9 billion in revenue, which represents a 7.9 percent increase. Mac sales were also down slightly to $7.4 billion, compared to $7.6 billion in 2023.

    The company’s Wearables, Home, and Accessories category saw a decline since 2023, posting $9 billion in revenue, or a 3 percent decrease from 2023’s $9.3 billion. Apple stated that the Apple Watch installed base reached an all-time high, but did not offer specifics.

    Apple’s profit this year took a hit due to tax provisions. In a September filing with the U.S. Securities and Exchange Commission, Apple stated that it would “record a one-time income tax charge in its fourth fiscal quarter ending September 28, 2024, of up to approximately $10 billion.” Apple posted a profit of $23 billion for the same quarter a year ago.

    How the quarter ended year-over-year for Apple:

    • iPhone: $46.2 billion (up from $43.8 billion)
    • iPad: $6.9 billion (up from $6.4 billion)
    • Mac: $7.7 billion (up from $7.6 billion)
    • Wearables: $9 billion (down from $9.3 billion)
    • Services: $25 billion (up from $22.3 billion)

    Finally, the financial earnings announcement was the last for Apple CFO Luca Maestri, who announced last August that he is stepping down from the role. Kevan Parekh will become Apple’s new CFO next year.

    Stay tuned for additional details as they become available.

    Via Macworld

  • Apple discloses $1.69 billion increase in “Other Products” division, could be directly attributable to Apple Watch sales

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    Although Apple has yet to disclose any specific sales numbers for the Apple Watch, they may have tipped their hand a bit with the company’s most recent financial report.

    A figure within the report states that Apple’s “Other Products” division climbed by more than US$1.69 billion in sales by the end of September.

    As part of the company’s quarterly 10-Q filing with the U.S. Securities and Exchange Commission, Apple said that more than 100 percent of the year-over-year revenue growth in its “Other Products” category was attributed to the Apple Watch.

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  • Apple reports falling iTunes Music Store numbers in SEC filing

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    iTunes Music Store downloads are falling.

    And the numbers aren’t pretty.

    According to VentureBeat, in a securities filing with the Securities and Exchange Commission, Apple reported declining iTunes Music Store numbers.

    “Growth in net sales from the iTunes Store was driven by increases in revenue from app sales reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS Apps and related in-App purchases,” the company wrote. “This was partially offset by a decline in sales of digital music.”

    (more…)

  • Nvidia Admits to “Ongoing” Failure Problem in Some Notebooks During SEC Filing

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    Graphics processor firm Nvidia formally stated that some notebooks utilizing its chips continue to have “failure” issues, in a filing with the Securities and Exchange Commission on Wednesday.
    Per cnet, Nvidia stated that though it does not continue to see “abnormal failure rates” in systems using Nvidia products,” some notebooks are still affected.
    “We continue to not see any abnormal failure rates in any systems using Nvidia products other than certain notebook configurations. However, we are continuing to test and otherwise investigate other products,” Nvidia said, adding, “there can be no assurance that we will not discover defects in other MCP or GPU products.” (MCP stands for Media and Communications Processor; GPU stands for Graphics Processing Unit.)
    On July 2 of last year, Nvidia announced that the company was planning to take a one-time charge to cover costs associated with problems with materials used in certain versions of its laptop graphics chips. Subsequently, a US$196 million charge was recorded in the second quarter of its 2009 fiscal year to “cover anticipated customer warranty, repair, return, replacement and associated costs” with the problem.
    In the company’s 10-Q filing, Nvidia cited a “balance of US$145.7 million associated with incremental repair and replacement costs from a weak die/packaging material set.” and “US$31.2 million for the three months ended April 26, 2009 in payments related to the warranty accrual associated with incremental repair and replacement costs from a weak die/packaging material set.”
    Nvidia paid or incurred US$50.3 million against the original “warranty accrual” in its fiscal third quarter and fourth quarter 2009, such that the remaining balance of the “bump-crack accrual” (defect) was US$145.7 million at the end of its fiscal fourth quarter, according to Nvidia.
    Nvidia is also negotiating with insurance companies over payments to PC makers regarding GPU failures, according to a report filed by TGDaily.
    As early as 2007, Hewlett-Packard listed notebook models affected by the graphics chip glitch. In August 2008, Dell also listed affected models with Apple stating in October that it would repair faulty graphics chips.
    In the 10-Q filing, Nvidia also stated that “in September, October and November 2008, several putative consumer class action lawsuits were filed against us, asserting various claims arising from a weak die/packaging material set in certain versions of our previous generation MCP and GPU products used in notebook systems.”