Cupertino’s Apple Inc fourth-quarter earnings hit by supply chain woes
by SOURAV D | VIEW 1361
Apple Inc., the Cupertino, California-based iPhone manufacturer, had missed Wall Street expectations for profits and revenues over fourth quarter of its fiscal 2021 that ended on September 25, as the mega-cap tech conglomerate’s Chief Executive Tim Cook had cautioned of further holocaust in sales of Apple Inc over the upcoming holiday season. Meanwhile, speaking with the analysts and reporters in a post-earnings conference call, Cook was quoted saying that Apple Inc fiscal Q3, 2021 had witnessed “larger-than-anticipated supply constrains” alongside manufacturing difficulties in the Southeast Asia, though, the Cupertino-based iPhone manufacturer began to witness a “significant improvement” in manufacturing at its Southeast Asian facilities on late-October, however, chip shortages were continued to pour fresh scorns on production lines of “most Apple Inc products”. Besides, adding that Apple Inc was vying to vent out a way to grapple with a gruesome lag in chips, Cook said, “We're doing everything we can do to get more (chips) and also everything we can do operationally to make sure we're moving just as fast as possible.
We're projecting very solid demand growth year over year. But we are also predicting that we're going to be short of demand by larger than $6 billion”.
Apple Inc quarterly profits miss estimate
According to Apple Inc earnings’ report for fourth quarter of its fiscal 2021 that ended on September 25, the Cupertino-based tech giant had reported a revenue of $83.4 billion over Q4, 2021, while the tech conglomerate had coffered a profit of $1.24 a share in the same period, IBES data from Refinitiv had unveiled.
Besides, the Cupertino-based tech monolith had forecasted a $38.9 billion in fourth-quarter iPhone sales compared to an analysts’ estimate of $41.5 billion, as Apple Inc shares had fallen as much as 3.4 per cent shortly after the release of its quarterly earnings’ report, however, had managed to eke out a weekly percentage gain of 0.75 per cent to wrap up Friday’s Wall Street at $149.81 per share.