Michael E. Cohen
Apple reported an overall 2% increase in revenues thanks to strong iPhone sales and record Services income, but some product categories—iPads and Wearables—and the key Greater China region suffered double-digit revenue declines for the quarter.
Foreign exchange headwinds and a relative scarcity of new products during the quarter flattened Apple’s revenue figures compared to its results from a year ago, although its profits were up 13%.
Citing “foreign exchange headwinds” and “difficult compares” for its Mac and iPad results from the year-ago quarter, Apple reported a total revenue decline of about 1%. On the other hand, Services revenues continued to expand, and product sales to emerging markets were up. In short, Cupertino isn’t worried.
The one-two punch from foreign exchange rates and “macroeconomic conditions” rocked Apple’s profits in the just-concluded quarter below last year’s results, but only by a little.
Although Apple’s revenues fell year-over-year for the first time in recent memory, it still managed to accrue $117 billion in revenue while battling supply issues, foreign exchange challenges, and the effects of war and disease around the globe.
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Apple eked out a tiny bit of growth in its worst quarter since the darkest days of the pandemic, but it still blew away expectations thanks in large part to its Services category.
In a world wracked by military conflict and a pandemic that still disrupts global supply chains, Apple managed to set a slew of revenue records for its second fiscal quarter, bringing in almost $100 billion.
Apple had a typical record-breaking quarter, with especially robust growth for the Mac. But iPad and Japanese sales were notably weak, with no satisfactory answers from Apple.
Despite missing out on nearly $6 billion in revenue due to supply chain constraints, Apple still managed to break records in all of its business segments for its fourth fiscal quarter of 2021.
Apple once again shattered records with its Q3 2021 financial results, but the uncertainties of the ongoing COVID-19 pandemic and a global chip shortage cast a shadow, albeit small, over the company’s celebrations.
The world may be a year into a global pandemic, but Apple is healthier than ever. Its quarterly profits more than doubled year-over-year, and its revenues in all sales categories, led by chart-busting Mac and iPad sales, smashed records. As CEO Tim Cook put it, “Another strong quarter.”
It wasn’t all big hardware news at Apple’s Spring Loaded event. As a warmup to the cavalcade of major rollouts, Apple CEO Tim Cook spun through announcements of a new Apple Card Family service, a revamped Podcasts app that includes premium subscriptions, and a snazzy new iPhone color that Prince would have loved—yes, it’s purple.
Posting record results for the last quarter, Apple enjoyed double-digit sales growth for all its product categories and tallied increased revenues in every geographic sector.
In this pandemic year, Apple’s Q4 performance saw reduced profits but steady revenue compared to the same quarter last year, with iPhone sales drops mitigated by increased Mac and iPad sales as well as continuing growth in Apple’s services and wearables offerings.