Apple broke its own quarterly record for revenue in the September quarter, but it fell short of what Wall Street was predicting largely because of supply chain constraints affecting the entire industry. Here’s what analysts had to say about the results.
The Cupertino tech giant reported quarterly revenue of $83.4 billion, missing Wall Street expectations of $85. Apple attributed the revenue miss to chip shortage and manufacturing problems, which the company says cost it $6 billion.
Despite the overall revenue miss, many of Apple’s other products hit or exceeded expectations. While iPhone revenue also missed analyst targets, it was still a hefty increase over 2020. Apple’s iPad, Mac, and Services revenue also rose year-over-year, with the latter two product categories reaching all-time highs.
Annually, Apple reported total 2021 sales of $365.8 billion, up a massive 33% from $274.5 billion the previous year. Although the company did not provide formal revenue guidance for the December quarter, it said it still expects healthy demand.
Read more at AppleInsider.com