Apple’s 2024 Revenue Forecast: $400 Billion Target

Apple’s 2024 Revenue Forecasts

Apple, which generates significant profits by offering phones, devices, and various services to customers around the world, has begun to share its initial forecasts regarding the amount of money flowing into its coffers in 2024. With the impending release of the iPhone 16, it is expected that Apple will close 2024 with a revenue of 400 billion dollars.

To better understand the magnitude of this figure, let’s make a comparison. The total value of goods and services produced by all commercial enterprises operating in Turkey within a year, which represents Turkey’s overall economic size, ranges from approximately 900 billion dollars to 1 trillion dollars. Thus, by achieving a profit of 400 billion dollars, Apple will have accomplished a commercial success equivalent to almost half of Turkey’s economy.

Apple’s Earnings Reports and Overall Status

Despite recent layoffs, Apple’s earnings reports present a rather positive picture regarding the company’s overall situation. In the third quarter of 2024, Apple generated 85.8 billion dollars in revenue, exceeding all expectations. During this quarter, iPhone sales contributed 39.30 billion dollars, while service revenues reached 24.21 billion dollars. Mac, iPad, Wearable Devices, Home, and Accessories generated approximately 22.27 billion dollars in total. As a result, Apple’s net income for this quarter was recorded at 21.45 billion dollars. If this sales momentum continues, it seems possible that the company’s earnings will surpass 400 billion dollars for the first time by the end of 2024.

U.S. Protection Policies and Competing Companies

This massive profit also explains the extraordinary measures taken by the U.S. to protect its own companies against those of competing countries. For instance, the Chinese technology giant Huawei began to compete for market share with Apple with the devices and infrastructure technologies it produced during the term of former U.S. President Trump. Under pressure from Trump, many countries had to restrict their trade with Huawei. Furthermore, the CEO of Huawei’s daughter was arrested in Canada, leading to a lengthy legal battle. During these events, Google made various attempts to remove Huawei from the Android ecosystem.

Of course, it is not only Huawei that has faced pressures from the U.S.; many large Chinese companies such as TikTok and Alibaba have also been subjected to either covert or overt pressure from the U.S. due to their successes and the negative impact they have on the market shares of U.S. companies.