Apple shares fell less than 3%.
“We performed very well, despite higher-than-expected supply constraints, which we estimate at about $ 6 billion,” Cook told CNBC’s Josh Lipton. “Supply constraints have been caused by the industry-wide shortage of chips, and COVID-related production disruptions in Southeast Asia.”
However, Apple’s total revenue increased 29%, and each of the product categories grew annually.
The company’s total revenue was $ 83.36 billion, up from an estimated $ 84.85 billion, up 29% year-over-year. IPhone sales rose 47% year-over-year, but were however below Wall Street estimates.
Cook said Apple expects “solid year-over-year revenue growth” in the quarter ending in December, despite the firm facing greater supply constraints of more than $ 6 billion. of dollars that affected revenues in the third quarter. However, Apple says the fourth quarter will be the largest in terms of revenue in the company’s history.
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