JAKARTA - Apple admitted that its earnings report for the fourth quarter (Q4) of this year did not exceed investors' expectations. Apple CEO Tim Cook reasoned because of bigger-than-expected supply constraints on iPhones, iPads and Macs.
"We had a very strong performance despite the bigger-than-expected supply constraint, which we forecast (losing) around $6 billion. The supply constraint was driven by the much-talked-about industry-wide chip shortage, and COVID-related manufacturing disruptions in Southeast Asia. ," said Cook.
The company fell below 3 percent in extended trading. Even so, Apple's record Q4 overall revenue hit $83.4 billion, up 29 percent year-on-year (YoY), and diluted quarterly earnings per share of $1.24.
Quoting CNBC International, Friday, October 29, with iPhone revenue reaching 47 percent year-on-year growth at 38.87 billion US dollars. Meanwhile, service revenues reached 18.28 billion US dollars, which grew 24.6 percent.
The Mac managed to reach 9.18 billion US dollars for 1.6 percent, and the iPad 8.25 billion US dollars for 21.4 percent. Other products, which include Watch and AirPods, grew 11.5 percent to $8.79 billion.
Cook signaled to investors that he expects the next quarter to be a big one. He expects "solid" growth in revenue year-on-year, and Apple believes the coming quarters will be even better.
Despite the fact that supply problems are expected to get worse, not better. Some analysts agree that Apple will almost certainly not be able to produce enough iPhones to meet demand during the quarter.
Meanwhile, Apple CFO Luca Maestri stated that iPad sales will decline year-on-year in the December quarter due to supply constraints, while other product categories will grow. But the company has overcome it.
"So we've finished about a month this quarter. Covid-related manufacturing disruptions have escalated a lot. Chip shortages continue," Cook said.
Cook explained that the chip supply problem occurred in legacy nodes, or older chips, not the current technologically advanced processors that are at the heart of Apple devices. This quarter marks the first time since April 2016 that Apple has failed to beat revenue forecasts, and it's the first time since May 2017 that Apple's revenue has also missed forecasts.
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