Apple MISSES on revenue
Apple misses analysts' target expectations for sales in its fiscal fourth quarter matching views on earnings. Apple stock crashed over 5% in the after-market.
AAPL's net cash drops another $6BN, now down to $66BN from an all time high of $163BN in Dec 2017 and back to levels last seen a decade ago pic.twitter.com/eXQ0oMLEgI— zerohedge (@zerohedge) October 28, 2021
*APPLE’S CFO WON’T PROVIDE REVENUE GUIDANCE DUE TO UNCERTAINTY— 🅰🅻🅴🆂🆂🅸🅾 (@AlessioUrban) October 28, 2021
Supply chain is getting worse
Apple did not publish guidance for the current quarter in its news release.
"Our record September-quarter results capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro environment," Chief Financial Officer Luca Maestri wrote in a statement.
A bunch of stats on @apple earnings:— Patrick McGee (@PatrickMcGee_) October 28, 2021
Finance chief Luca Maestri tells the @FT that supply constraints cost the group $6bn last quarter.
"components shortage" and "manufacturing disruptions in Southeast Asia caused by Covid," he said.
Here’s a breakdown on Apple numbers:
EPS: $1.24 vs. $1.24 estimated
Revenue: $83.36 billion vs. $84.85 billion estimated, up 29% year-over-year
Gross margin: 42.2% vs. 42.0% estimated
Best part of Apple’s earnings results is that the call is in Spatial Audio. Misses on supply constraints for the iPhone, Mac, and Wearables. Beats for iPad and services.— Mark Gurman (@markgurman) October 28, 2021
Services revenue: $18.28 billion vs. $17.64 billion estimated, up 25.6% year-over-year
iPhone revenue: $38.87 billion vs. $41.51 billion estimated, up 47% year-over-year
iPad revenue: $8.25 billion vs. $7.23 billion estimated, up 21.4% year-over-year
Mac revenue: $9.18 billion vs. $9.23 billion estimated, up 1.6% year-over-year
Other Products revenue: $8.79 billion vs. $9.33 billion estimated, up 11.5% year-over-year
OUCH! #Apple tumbles 5% after company fails to beat earnings expectations for the 1st time since 2016 and misses on iPhone. Apple 4Q rev $83.36bn, vs $84.69bn. Apple CEO Tim Cook says supply chain constraints had larger than expected impact of $6bn on Q4 sales. pic.twitter.com/3H2WMKOXOk— Holger Zschaepitz (@Schuldensuehner) October 28, 2021
In Apple's earnings call, Tim Cook noted that the business in India has doubled: "Set quarterly records in every geographic segment with strong double-digit growth"
"During fiscal 2021, we earned nearly one-third of our revenue from emerging markets" and "doubled our business in India and Vietnam."