During its quarterly conference call with investors today, Apple revealed revenue growth across all of its businesses and product categories, but the numbers weren't enough to impress investors, who were expecting bigger earnings.
The company's total revenue rose 29 percent to $83.36 billion, led by iPhone revenue, which rose $4.7 billion from a year earlier to $38.87 billion. Services revenue was $18.28 billion, up 24.6 percent. Mac revenue was $9.18 billion, or 1.6 percent, while iPad revenue was $8.25 billion, or 21.4 percent. "Other products," which includes watches and AirPods, rose 11.5 percent to $8.79 billion.
The company's total revenue rose 29 percent to $83.36 billion, led by iPhone revenue, which rose $4.7 billion from a year earlier to $38.87 billion. Services revenue was $18.28 billion, up 24.6 percent. Mac revenue was $9.18 billion, or 1.6 percent, while iPad revenue was $8.25 billion, or 21.4 percent. "Other products," which includes watches and AirPods, rose 11.5 percent to $8.79 billion.
Analysts had expected slightly bigger growth for the industry as a whole. CEO Tim Cook said a global silicon supply shortage of up to $6 billion, as well as manufacturing issues related to COVID-19 in Asia, caused the company to slightly miss targets. Since the outbreak, Apple has not provided clear guidance for the coming quarters, so we don't have Apple's forecasts to compare results with.
It's worth noting that the quarter only included a few days after the release of the iPhone 13. Most of the iPhone 13-related revenue will come in the next quarter.
Cook indicated to investors that he expects the next quarter to be a bumper one. He said he expected "solid" year-over-year revenue growth for Apple, which believes the next quarter will be its biggest yet. Analysts agree that Apple will almost certainly not be able to produce enough iPhones in the current quarter to meet demand.
Apple's sales and revenue surged across all product categories during the pandemic, as consumers spent less on travel or going out and more on personal technology for home, work, school, or fitness. But it was the company's first miss in more than five years.
It's worth noting that the quarter only included a few days after the release of the iPhone 13. Most of the iPhone 13-related revenue will come in the next quarter.
Cook indicated to investors that he expects the next quarter to be a bumper one. He said he expected "solid" year-over-year revenue growth for Apple, which believes the next quarter will be its biggest yet. Analysts agree that Apple will almost certainly not be able to produce enough iPhones in the current quarter to meet demand.
Apple's sales and revenue surged across all product categories during the pandemic, as consumers spent less on travel or going out and more on personal technology for home, work, school, or fitness. But it was the company's first miss in more than five years.
