Apple (AAPL) Q4 2021 earnings

Apple revenue fell small of Wall Avenue expectations in its fiscal fourth quarter on Thursday, which Apple CEO Tim Cook dinner attributed to much larger-than-anticipated offer constraints on iPhones, iPads, and Macs.  

Apple fell less than 3% in prolonged trading.  

“We experienced a incredibly powerful overall performance in spite of larger than expected offer constraints, which we estimate to be all over $6 billion,” Prepare dinner told CNBC’s Josh Lipton. “The source constraints were driven by the market extensive chip shortages that have been talked about a large amount, and COVID-relevant production disruptions in Southeast Asia.” 

Nonetheless, Apple’s overall income was nonetheless up 29% and every of its product categories grew on an once-a-year foundation.  

Here’s how Apple did vs . Refinitiv consensus estimates: 

  • EPS: $1.24 vs. $1.24 estimated 
  • Earnings: $83.36 billion  vs. $84.85 billion estimated, up 29% 12 months-around-year 
  • Apple iphone income: $38.87 billion vs. $41.51 billion estimated, up 47% yr-around-year 
  • Solutions earnings: $18.28 billion vs. $17.64 billion estimated, up 25.6% calendar year-over-year 
  • Other Products and solutions earnings: $8.79 billion vs. $9.33 billion estimated, up 11.5% calendar year-in excess of-year 
  • Mac earnings: $9.18 billion vs. $9.23 billion estimated, up 1.6% yr-above-year 
  • iPad earnings: $8.25 billion vs. $7.23 billion estimated, up 21.4% 12 months-around-year 
  • Gross margin: 42.2% vs. 42.% estimated  

Iphone gross sales were being up 47% yr-over-12 months, but even now arrived in underneath Wall Street estimates. 

Apple hasn’t presented official steerage because the get started of the pandemic, but Cook said Apple expects “strong yr-in excess of-12 months revenue progress” in the December quarter despite the fact Cook stated Apple will experience even worse supply constraints, better than the $6 billion hit to income in the September quarter. Still, Apple suggests that its December quarter will be the company’s biggest in terms of earnings in its historical past.

Apple CFO Luca Maestri stated in a call with analysts that iPad gross sales would decrease year-above-year in the December quarter owing to offer constraints when other products types would increase.

“So we’ve finished about a thirty day period of the quarter. The Covid related manufacturing disruptions have enhanced tremendously. The chip shortages linger on,” Cook claimed.  

Cook claimed that the supply issues were with chips on “legacy nodes,” or more mature chips, as a substitute of the technologically state-of-the-art processors at the coronary heart of Apple’s units.  

The expectation of calendar year-more than-yr profits progress indicates that Apple sees significantly more desire for its new Apple iphone 13 models than it can source. Apple’s fourth quarter only bundled a couple of times of Apple iphone 13 revenue as it ended on Sept. 25. 

Apple is presently in the center of significant growth as sales of iPhones, iPads and Macs exploded during the pandemic. Apple’s annual revenue for its fiscal 2021 was up 33% from 2020 to $366 billion. 

The strongest expansion in Apple product categories aside from iPhones was in its companies business, which includes profits from the Application Shop, music and video subscription expert services, advertising and marketing, extended warranties, and licensing. Apple’s providers grew 26% each year, which Cook stated was increased than the organization predicted.  

Cook explained that Apple has 745 million compensated subscriptions, which not only incorporates first-get together solutions like Apple New music but also subscriptions by Apple’s Application Store.  

“That’s up 160 million year on year, which is up 5 periods in 5 several years. So it’s been quite the growth cycle,” Cook explained.  

Apple’s Macs did not improve strongly, only rising 1.6% yearly, but the quarter did not include sales of new MacBook Pro designs that have been announced in Oct. Apple’s iPads grew 21% yr-about-12 months, whilst they were being source constrained. Apple’s Other Products class, which contains Apple Watch and AirPods models, grew 11% with out new items, which went on sale in Oct.  

This quarter marks the initial time considering the fact that April 2016 that Apple has failed to conquer earnings estimates, and it really is the to start with time given that May well 2017 that Apple’s revenues have missed estimates, according to Refinitiv info. 

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