iPhone 16 will lead Apple to record high $400 billion revenues in 2024

Apple is now expected to exceed $400 billion in annual revenue in 2024, with this record high driven by all of its hardware such as the iPhone, plus another record high for Services.

It's estimated that when Apple was incorporated in 1977, its revenue for the first year was around $775,000. Nearly 50 years later, its latest official financial results showed it earning $84.78 billion in Q3 2024.

For the whole of 2024, according to research and estimates from Counterpoint Research, the company is now likely to earn more than $400 billion. Significantly, this follows a decline in earnings in 2023, and the new rise is attributed to not just the iPhone, but all Apple hardware — and services.

"[Apple's Services segment] is poised to grow at a much faster rate than hardware," said Counterpoint's Tarun Pathak. "However, in terms of absolute revenue growth, hardware remains critical in pushing the needle considering it contributes to three-fourths of Apple's global revenues."

"After a decline in 2023, 2024 will see growth in several key hardware categories driven by multiple launches," continued Pathak. "Then there is also a promise of Apple Intelligence being implemented across hardware segments, which has once again created some excitement and could drive upgrades."

Apple Revenues from 2008 to 2024 (source: Counterpoint Research)

Counterpoint Research estimates that on its own, Apple's Services will continue to grow. The company expects that by 2025, Services will exceed $100 billion in revenue for the first time.

That would mean Services earning more than all of Apple's hardware, excluding the iPhone.

Overall, Counterpoint bases its estimates on predictions that as well as the iPhone, there will be new launches of the iPad, Mac, Apple Watch, and AirPods. It believes that AirPods could become the fastest-growing part of Apple's earnings.

Looking further ahead, the researches predict that Apple will directly earn revenue from Apple Intelligence, once it has determined which elements could be monetized. Counterpoint expects that Apple Intelligence could boost Services revenue by at least 10% to 15% over the next few years.

Apple Intelligence is expected to be a key part of Apple's launch for the iPhone 16, which is now to be on September 9, 2024.