In its quarterly interview with investors today, Apple revealed sales increased across all lines of business and product categories, but the numbers weren’t enough to impress investors expecting even bigger profits.
Total revenue for the company rose 29 percent to $ 83.36 billion, with iPhone sales showing the largest growth at 47 increases year over year at $ 38.87 billion.
Service revenue was $ 18.28 billion, an increase of 24.6 percent. The Mac managed $ 9.18 billion for 1.6 percent and the iPad managed $ 8.25 billion for 21.4 percent. “Other products,” which include the Watch and AirPods, grew 11.5 percent to $ 8.79 billion.
Analysts had forecast somewhat stronger growth across the board. CEO Tim Cook claimed that global silicon supply shortages of $ 6 billion, as well as COVID-19-related manufacturing issues in Asia, caused the company to slightly miss the mark it was looking for.
Apple has not provided explicit guidance on the quarters ahead since the pandemic began, so we don’t have Apple’s own predictions to compare the results.
It’s important to note that this quarter was just days after the iPhone 13 was launched. Much of the revenue associated with the iPhone 13 will come in the next quarter.
In fact, Cook signaled to investors that he expected the next quarter to be a big one. He said he expected “solid” year-over-year revenue growth, and Apple believes the coming quarter will be its biggest yet.
This is despite the fact that the supply problems are unlikely to get better, but worse. Analysts agree that Apple almost certainly won’t be able to produce enough iPhones during the quarter to meet demand.
Apple saw massive sales and revenue growth across all of its product categories during the pandemic as consumers spent less on travel or going out and more on personal technology for home, work, school, or fitness. But this is the first time the company has missed estimates in more than five years.
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