Sales of Apple's iPhone 16 and services will bring the company $400 billion in revenue in 2024

Apple plans to announce the new iPhone 16 series as early as 9 September, and analysts predict that the company's annual revenue will exceed $400 billion in 2024.

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This record figure will be achieved thanks to iPhone sales and Apple services. The company has already earned $84.78 billion in the third quarter of 2024. Apple's services segment is expected to grow faster than its hardware segment, with services revenue expected to exceed $100 billion by 2025.

Analysts also predict that Apple will release new iPad, Mac, Apple Watch and AirPods models. AirPods, they believe, will be the fastest growing part of the company's revenue. Going forward, Apple plans to generate revenue from Apple Intelligence, its approach to generative artificial intelligence, which will increase services revenue by 10-15% in the coming years.

Source: Counterpoint Research