Apple Inc. 10-Q form for quarterly period ended 2024-06-29, page 1: 
PART I - FINANCIAL INFORMATION


Item 1.    Financial Statements


Apple Inc.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)

|    |                                              |                    |        |                   |            |              |        |             |    |            |    |         |
|---:|:---------------------------------------------|:-------------------|:-------|:------------------|:-----------|:-------------|:-------|:------------|:---|:-----------|:---|:--------|
|  1 |                                              | Three Months Ended |        | Nine Months Ended |            |              |        |             |    |            |    |         |
|  2 |                                              | June 29,2024       |        | July 1,2023       |            | June 29,2024 |        | July 1,2023 |    |            |    |         |
|  3 | Net sales:                                   |                    |        |                   |            |              |        |             |    |            |    |         |
|  4 | Products                                     | $                  | 61,564 |                   |            | $            | 60,584 |             | $  | 224,908    | $  | 230,901 |
|  5 | Services                                     | 24,213             |        |                   | 21,213     |              |        | 71,197      |    | 62,886     |    |         |
|  6 | Total net sales                              | 85,777             |        |                   | 81,797     |              |        | 296,105     |    | 293,787    |    |         |
|  8 | Cost of sales:                               |                    |        |                   |            |              |        |             |    |            |    |         |
|  9 | Products                                     | 39,803             |        |                   | 39,136     |              |        | 140,667     |    | 146,696    |    |         |
| 10 | Services                                     | 6,296              |        |                   | 6,248      |              |        | 18,634      |    | 18,370     |    |         |
| 11 | Total cost of sales                          | 46,099             |        |                   | 45,384     |              |        | 159,301     |    | 165,066    |    |         |
| 12 | Gross margin                                 | 39,678             |        |                   | 36,413     |              |        | 136,804     |    | 128,721    |    |         |
| 14 | Operating expenses:                          |                    |        |                   |            |              |        |             |    |            |    |         |
| 15 | Research and development                     | 8,006              |        |                   | 7,442      |              |        | 23,605      |    | 22,608     |    |         |
| 16 | Selling, general and administrative          | 6,320              |        |                   | 5,973      |              |        | 19,574      |    | 18,781     |    |         |
| 17 | Total operating expenses                     | 14,326             |        |                   | 13,415     |              |        | 43,179      |    | 41,389     |    |         |
| 19 | Operating income                             | 25,352             |        |                   | 22,998     |              |        | 93,625      |    | 87,332     |    |         |
| 20 | Other income/(expense), net                  | 142                |        |                   | (265)      |              |        | 250         |    | (594)      |    |         |
| 21 | Income before provision for income taxes     | 25,494             |        |                   | 22,733     |              |        | 93,875      |    | 86,738     |    |         |
| 22 | Provision for income taxes                   | 4,046              |        |                   | 2,852      |              |        | 14,875      |    | 12,699     |    |         |
| 23 | Net income                                   | $                  | 21,448 |                   |            | $            | 19,881 |             | $  | 79,000     | $  | 74,039  |
| 25 | Earnings per share:                          |                    |        |                   |            |              |        |             |    |            |    |         |
| 26 | Basic                                        | $                  | 1.40   |                   |            | $            | 1.27   |             | $  | 5.13       | $  | 4.69    |
| 27 | Diluted                                      | $                  | 1.40   |                   |            | $            | 1.26   |             | $  | 5.11       | $  | 4.67    |
| 29 | Shares used in computing earnings per share: |                    |        |                   |            |              |        |             |    |            |    |         |
| 30 | Basic                                        | 15,287,521         |        |                   | 15,697,614 |              |        | 15,401,047  |    | 15,792,497 |    |         |
| 31 | Diluted                                      | 15,348,175         |        |                   | 15,775,021 |              |        | 15,463,175  |    | 15,859,263 |    |         |


See accompanying Notes to Condensed Consolidated Financial Statements.


Apple Inc. | Q3 2024 Form 10-Q | 1







Question: What is the net income growth rate for Apple from the quarter ending July 1, 2023, to the quarter ending June 29, 2024?
Answer: The net income for the quarter ending June 29, 2024, is $21,448 million, and for the quarter ending July 1, 2023, it is $19,881 million. The net income growth rate is (21,448 - 19,881) / 19,881 * 100 = 7.89%.