Apple's Profit Falls Just Short of $100-Billion Milestone
Despite rounding off its fiscal year with a new September quarter revenue record, Apple narrowly missed ticking another checkbox on its long list of achievements: $100 billion in annual profit. The iPhone maker reported net income of $20.7 billion for its fourth fiscal quarter, bringing the total for the year to $99.8 billion.
Only two companies have surpassed $100 billion in annual profit so far: Vodafone after selling its interest in Verizon Wireless in 2014 and Saudi Aramco which did it twice, in 2018 and 2021.
As the following chart shows, Apple’s net income grew more than 50-fold since 2006, the year before the iPhone was released. In 2010, the company surpassed $10 billion in annual profit for the first time. During the 2011 holiday season, Apple’s quarterly profit passed the $10-billion milestone, before hitting $20 billion in 2019 and almost $35 billion in the last three months of 2021. While the company's trailing-twelve-months profit did surpass $100 billion earlier this year, a 10-percent drop in net income in its third fiscal quarter spoiled a triple-digit fiscal year (for now).
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