Apple, during its quarterly call with investors, revealed that its revenue grew in all product categories, but the numbers failed to please the investors, who were seeking even bigger gains. Apple’s overall revenue grew by 29 percent to $83.36 billion, with the flagship iPhone witnessing 47 percent growth year-over-year at $38.87 billion.
Services revenue also saw a 24.6 percent growth at $18.28 billion. The Mac raked in $9.18 billion at 1.6 percent growth, and the iPad sales went up by 21.4 percent at $8.25 billion. Other products including the Watch and AirPods witnessed an 11.5 percent growth at $8.79 billion.
Apple Misses The Mark
Analysts believed a slightly better growth across product categories. CEO Tim Cook cited the global semiconductor shortage as the reason for missing the mark, as well as coronavirus-related manufacturing issues in Asia, led Apple to sell slightly below the target.
The company is yet to provide explicit guidance on its upcoming quarters since the pandemic hit, so there’s no data of what Apple predicted to compare these results with. It’s imperative to note that this only includes a few days after the iPhone 13 launch. The revenue generated from the latest flagship will appear in the next quarter.
Cook has also assured the investors that he expects the next quarter to exceed expectations. He said he forecasts “solid” growth in year-over-year revenue, and the company believes the next quarter will be the biggest ever for the firm.
Apple Optimistic About Next Quarter
This is despite the fact that the supply problems are expected to get worse going forward. Analysts believe that the company will almost certainly not be able to make enough iPhones to meet the demand during the quarter.
Apple has witnessed massive revenue growth for all its product categories during the pandemic as consumers have spent less on travel and other things and more on personal technology. This quarter also marks the first time Apple has missed estimates in more than half a decade.
The company has also recently taken the wraps off its revamped version of the MacBook Pro. The laptop is also expected to sell in good numbers as it brings a plethora of upgrades over its precursor. The company has also launched the third-generation AirPods that brings a new design inspired by the Pro variant.
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