Apple has released its fiscal fourth-quarter financial results, showing a 6% revenue increase to $94.9 billion, driven primarily by strong iPhone performance. The July-September period demonstrated growth across most product categories, with only the wearables segment experiencing a modest 3% decline.

CEO Tim Cook highlighted record-breaking iPhone revenue for September, noting widespread growth across all geographic markets. The company’s latest iPhone 16 series contributed to these results, despite being available for just ten days within the reporting period.

However, the tech giant’s bottom line told a different story, with net income dropping 35% compared to the same period last year. This significant decline is attributed to a substantial tax settlement with Ireland, amounting to $15.8 billion, following the European Union’s ruling that previous tax arrangements violated state aid regulations.

The financial report reveals Apple’s continued strong market position in device sales and services, while simultaneously highlighting the impact of regulatory compliance on corporate profits.

As for Q3 2024, Apple’s market share almost reached Samsung with a difference of only a single percentage point. This was because Samsung’s market share declined by 2% in the same period, while Apple was still benefitting from the recent iPhone 16 launch. Older models such as the iPhone 15 and 13 also generated a steady demand.

If Apple manages to continue this momentum, it may take the lead from Samsung by the end of the year. However, the lead may be short-lived since Samsung’s next Galaxy S series phones will be right around the corner.

Apple has recently unveiled new MacBooks as well as a refreshed Mac Mini, but it remains to be seen whether it will allow Apple to stay ahead.