In its quarterly investor talk today, Apple revealed that sales were growing across all of its companies and product categories, but the numbers weren’t enough to impress investors, who were expecting even bigger profits.
The company’s total revenue grew 29 percent to $83.36 billion, with iPhone sales showing the largest growth at 47 percent year-over-year at $38.87 billion.
Services revenue came in at $18.28 billion, a growth of 24.6 percent. The Mac managed $9.18 billion at 1.6 percent and the iPad $8.25 billion at 21.4 percent. “Other products,” including the Watch and AirPods, grew 11.5 percent to $8.79 billion.
Analysts had forecast slightly higher growth across the board. CEO Tim Cook claimed global silicon shortages amounting to $6 billion, as well as COVID-19-related manufacturing problems in Asia, caused the company to slightly miss its desired target.
Apple hasn’t provided explicit guidance for the coming quarters since the start of the pandemic, so we don’t have Apple’s own predictions to compare the results against.
It’s important to note that this quarter happened just a few days after the iPhone 13 launched. Much of the iPhone 13-related revenue will come in the next quarter.
Cook even signaled to investors that he expects the next quarter to be a big one. He said he expects “solid” year-over-year sales growth, and Apple believes the next quarter will be its biggest yet.
This is despite the fact that the supply problems are only expected to get worse, not better. Analysts agree that Apple will almost certainly not be able to produce enough iPhones to meet demand during the quarter.
Apple has seen tremendous revenue and revenue growth across all of its product categories during the pandemic, as consumers have spent less on travel or entertainment and more on personal technology for home, work, school or fitness. But this is the first time the company has missed estimates in more than five years.