and
recurring
in
nature,
necessary
for
fair
financial
statement
presentation.

The
preparation
of
these
condensed
consolidated
financial
statements
and
accompanying
notes
in
conformity
with
U.S.
generally

accepted
accounting
principles
(“GAAP”)
requires
the
use
of
management
estimates.
These
condensed
consolidated
financial

statements
and
accompanying
notes
should
be
read
in
conjunction
with
the
Company’s
annual
consolidated
financial
statements

and
accompanying
notes
included
in
its
Annual
Report
on
Form
10-K
for
the
fiscal
year
ended
September 30,
2023
(the
“2023

Form
10-K”).
The
Company’s
fiscal
year
is
the
52-
or
53-week
period
that
ends
on
the
last
Saturday
of
September.
An
additional
week
is

included
in
the
first
fiscal
quarter
every
five
or
six
years
to
realign
the
Company’s
fiscal
quarters
with
calendar
quarters,
which

occurred
in
the
first
fiscal
quarter
of
2023.
The
Company’s
fiscal
years
2024
and
2023
span
52
and
53
weeks,
respectively.

Unless
otherwise
stated,
references
to
particular
years,
quarters,
months
and
periods
refer
to
the
Company’s
fiscal
years
ended

in
September
and
the
associated
quarters,
months
and
periods
of
those
fiscal
years.
Note
2
–
Revenue
Net
sales
disaggregated
by
significant
products
and
services
for
the
three-
and
nine-month
periods
ended
June
29,
2024
and

July 1,
2023
were
as
follows
(in
millions):
Three
Months
Ended	Nine
Months
Ended
June
29,
2024
July
1,
2023
June
29,
2024
July
1,
2023
iPhone
®
$
39,296
$
39,669
$
154,961
$
156,778

Mac
®

7,009
6,840
22,240
21,743

iPad
®

7,162
5,791
19,744
21,857

Wearables,
Home
and
Accessories
8,097
8,284
27,963
30,523

Services
24,213
21,213
71,197
62,886

Total
net
sales	$
85,777
$
81,797
$
296,105
$
293,787

Total
net
sales
include
$3.4
billion
of
revenue
recognized
in
the
three
months
ended
June 29,
2024
that
was
included
in
deferred

revenue
as
of
March 30,
2024,
$3.3
billion
of
revenue
recognized
in
the
three
months
ended
July 1,
2023
that
was
included
in

deferred
revenue
as
of
April 
1,
2023,
$6.5
billion
of
revenue
recognized
in
the
nine
months
ended
June 
29,
2024
that
was

included
in
deferred
revenue
as
of
September 30,
2023,
and
$7.0
billion
of
revenue
recognized
in
the
nine
months
ended
July 1,

2023
that
was
included
in
deferred
revenue
as
of
September 24,
2022.
The
Company’s
proportion
of
net
sales
by
disaggregated
revenue
source
was
generally
consistent
for
each
reportable
segment

in
Note
11,
“Segment
Information
and
Geographic
Data”
for
the
three-
and
nine-month
periods
ended
June
29,
2024
and
July 1,

2023,
except
in
Greater
China,
where
iPhone
revenue
represented
a
moderately
higher
proportion
of
net
sales.
As
of
June 
29,
2024
and
September 
30,
2023,
the
Company
had
total
deferred
revenue
of
$12.5
billion
and
$12.1 
billion,

respectively.
As
of
June 29,
2024,
the
Company
expects
64%
of
total
deferred
revenue
to
be
realized
in
less
than
a
year,
25%

within
one-to-two
years,
9%
within
two-to-three
years
and
2%
in
greater
than
three
years.
Apple
Inc.
|
Q3
2024
Form
10-Q
|
6
Note
3
–
Earnings
Per
Share
The
following
table
shows
the
computation
of
basic
and
diluted
earnings
per
share
for
the
three-
and
nine-month
periods
ended

June
29,
2024
and
July
1,
2023
(net
income
in
millions
and
shares
in
thousands):
Three
Months
Ended	Nine
Months
Ended
June
29,
2024
July
1,
2023
June
29,
2024
July
1,
2023
Numerator:
Net
income	$
21,448
$
19,881
$
79,000