Apple reports record Sep. quarter revenue at $83Bn, but misses street expectations due to supply chain woes

Apple reports record Sep. quarter revenue at $83Bn, but misses street expectations due to supply chain woes

In what was yet another record breaking quarter for Apple Inc., the company posted a mammoth $83.4 Bn in revenue for the quarter ending September 2021. This meant an uptick of 29 percent year over year, with quarterly earnings per diluted share of $1.24.

In terms of other important financial numbers, Apple’s iPhone sales, despite a not so revolutionary upgrade on the iPhone front, accounted for nearly 50% of the overall revenue. Apple sold a humongous $38.8Bn worth of iPhones, a number that could have been much higher had COVID-19 not impacted iPhone 13 chip supply.

Mac numbers stood at $9.1 Bn, marginally up from the $9 Bn from the same quarter last year. This is because the latest Macbook launched will see an uptick in sales from this quarter and the quarter onwards. iPad sales saw an uptick too, and stood at $8.25 Bn, up from the $6.7Bn it witnessed in the same quarter last year. Services continues to haul in big bucks for the Cupertino giant, raking in over $18Bn in revenues in the quarter ending September 2021.

However, those numbers still failed to meet Wall Street expectations, as Apple continued to face chip shortages, specially for its latest iPhone 13 model. Tim Cook told Reuters on Thursday the quarter ended Sept. 25 had “larger than expected supply constraints” as well as pandemic-related manufacturing disruptions in Southeast Asia. While Apple had seen “significant improvement” by late October in those Southeast Asian facilities, the chip shortage has persisted and is now affecting “most of our products,” Cook said.

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