iPhone 16 and services estimated to generate $400 billion in revenue for Apple in 2024

Apple is estimated to have generated $775,000 for the first year when it was incorporated in 1977. Now, almost 50 years later (wow!), the company’s latest official financial results show that it earned $84.78 billion just for Q3 2024.

Apple revenue by products over the years. | Image Credit – Counterpoint Research

Apple’s services segment is expected to grow at a much faster rate than hardware. Counterpoint’s Tarun Pathak says that hardware still remains critical in contributing to the company’s global revenue, and it is said to have taken three-fourths of Apple’s global revenue streams.

Mainly, analysts expect the promise of Apple Intelligence being incorporated across hardware products will also help Cupertino. On top of that, Counterpoint Research estimates that Apple’s Services will also grow, and are expected to exceed $100 billion in revenue by 2025 (for the first time).

Counterpoint is basing its estimates on predictions, but not only about the iPhone. Apple is also expected to launch new iPad, Mac, Apple Watch, and even AirPods models pretty soon. AirPods, according to the researchers, will become the fastest-growing part of Apple’s earnings.

The researchers also predict that in the future, Apple will directly earn revenue from Apple Intelligence, which is Apple’s take on generative AI. However, it’s still unknown which elements of this service will be monetized. Apple Intelligence is estimated to boost Services revenue by at least 10 to 15% over the next few years.

And understandably so. I personally am very hyped for Apple Intelligence in particular. I especially love Apple’s ideas about Siri, and I do sincerely hope the Cupertino company will be able to deliver on all the promises it’s made. We don’t have much more left to wait to know, that’s for sure!