The global chip shortage has caught up with Apple: Despite significant growth, the iPhone group missed even more optimistic forecasts from analysts in the last quarter. Supply chain bottlenecks and corona failures in production are believed to have pushed sales up to around $ 6 billion, CEO Tim Cook said.
In the current quarter, the negative effect will be even greater, warned CFO Luca Maestri during a conference call with analysts. Still, Apple expects growth for the important Christmas quarter. Only with the iPad is to be expected with less sales given the chip issues. Basically, however, “almost all of our products are affected,” Cook admitted. Apple is also not immune to the logistical problems that plague many businesses, even though the company can contain them with cash. “We are seeing a significant increase in transportation costs,” Cook said.
In the last quarter, Apple increased its year-over-year sales 29% to about $ 83.4 billion (€ 71.4 billion). However, analysts were expecting about $ 1.5 billion more. IPhone sales jumped 47% to $ 38.9 billion. But an even better value of $ 41.6 billion was expected in the market. The stock fell after normal business hours on Thursday, sometimes by around 3%.
According to calculations by analytics firm Canalys, Apple increased iPhone sales by 14% to 49.2 million devices, taking second place in the smartphone market. For leader Samsung, experts have calculated a drop of 13% to 69.4 million devices.
Apple is sitting on $ 191 billion in reserves
At the same time, Apple was able to grow across all product lines in the past quarter, although not strongly overall. For example, Mac computer sales rose 1.6% to about $ 9.18 billion. With the iPad, however, revenue rose a good 21 percent to $ 8.25 billion. Apple considers it a good sign that around half of buyers have bought a Mac or iPad for the first time.
Business with services like Apple Music and iCloud storage increased by a good quarter to $ 18.28 billion. Apple will soon extend its subscription offer in Germany to the Fitness + training service. In total, Apple had 745 million subscribed customers at the end of the quarter, 160 million more than a year earlier.
Net income for the fiscal fourth quarter ended in September rose 62% to $ 20.5 billion. Apple now sits on $ 191 billion in reserves, offset by $ 125 billion in debt.
Production shutdowns due to corona blockages are now largely resolved, Cook said. The shortage of chips is almost exclusively responsible for the headwind. Demand for Apple products is “very robust”. The Christmas quarter with the new iPhone has traditionally been the most lucrative for Apple.
Chip bottlenecks are currently plaguing the entire tech industry. In the corona pandemic with regular work and home study, the demand for computers and other electronic devices has increased. One consequence is that the capacities of certain types of chips and other components are no longer sufficient. The auto industry has been hit particularly hard – various manufacturers have had to shut down production on several occasions. Apple traditionally has a well-organized supply chain and has so far weathered the chip crisis without any noticeable issues.