“We’ve had a very strong performance despite the equipment shortage, which we estimate is around $6 billion, driven by the much-reported industry-wide chip shortage and COVID-19-related manufacturing disruptions in Southeast Asia,” Cook told CNBC.
However, Apple’s overall revenue remained high at 29% year over year, and each of its product categories grew year over year.
Earnings per share came by about $1.24, compared to expectations of about $1.24, and revenues amounted to $83.36 billion, compared to expected revenue of $84.85 billion, an increase of 29% year on year.
iPhone revenue came to $38.87 billion, versus expectations of $41.51 billion, up 47% year-over-year.
While services revenue came to $18.28 billion versus expectations of $17.64 billion, an increase of 25.6% year-on-year.
Other product revenue was $8.79 billion versus forecast of $9.33 billion, up 11.5 percent year-on-year.
Mac revenue was $9.18 billion, versus $9.23 billion forecast, up 1.6 percent year on year.
iPad revenue came in at $8.25 billion, versus expectations of $7.23 billion, up 21.4% year-on-year.
Apple has not provided official guidance since the start of the pandemic, but Cook said Apple expects “strong year-over-year revenue growth” in the December quarter despite the fact that Cook said Apple would face worse supply constraints in the current quarter.
“We finished about a month into this quarter, the manufacturing disruptions related to corona have greatly improved, the chip shortage continues,” Cook said.
He added that the supply problems were about chips that were on “legacy nodes,” or legacy chips, rather than the technically advanced processors at the heart of Apple’s hardware.
Year-on-year sales growth forecasts indicate that Apple is seeing much more demand than it can supply on its new iPhone 13 models.
Apple’s last quarter included iPhone 13 sales for just a few days as it ended on September 25th.
Apple is currently experiencing explosive growth as iPhone, iPad and Mac sales have mushroomed during the pandemic.
Apple’s annual revenue for fiscal year 2021 increased 33% from 2020 to $366 billion.
The strongest growth in Apple’s product categories apart from iPhones was in its services business, which includes sales from the App Store, music and video subscription services, advertising, extended warranties, and licensing.
Apple services grew 26% annually, which Cook said was higher than the company had expected.
Cook said Apple has 745 million paid subscriptions, which include not only first-party services like Apple Music but also subscriptions through the Apple App Store.
Apple’s Macs didn’t have solid growth, only increasing 1.6 percent annually, but the quarter did not include sales of the new MacBook Pro models announced in October.
Apple’s iPads grew 21% year over year, despite supply constraints.
Apple’s other product category, which includes Apple Watch models and AirPods, grew 11% without new products, which went on sale in October.
This quarter marks the first time since April 2016 that Apple has failed to beat earnings estimates, and the first time since May 2017 that Apple has generated revenue below expectations, according to Refinitiv data.
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