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Apple Misses Revenue in Q3 as Chip Shortage Dents iPhone Sales -Breaking

by Mike Robinson

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© Reuters Apple Earnings Beat, Revenue Misses In Q4

By Yasin Ebrahim

Apple reports mixed results for third quarter as revenues fall short of Wall Street’s expectations due to the continuing shortage in chips that has impacted iPhone sales.

Apple Inc (NASDAQ 🙂 shares plunged by 4.26% during after-hours trading following the release.

Apple reported earnings per share at $1.24 on revenues of $83.36 billion. Investing.com polled analysts and predicted an EPS of $1.23 for revenue $84.85B.

iPhone revenue rose by about 50% to $38.98Billion from $26.44Billion one year prior. That’s a significant increase from $41.60B, which was due in part to the strong demand from iPhones.

CNBC interviewed Apple CEO Tim Cook about the impact of “larger-than-expected supply constraints” on iPhone sales. He estimated that this was around $6 billion.

Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $18.28 billion from $14.55 billion, beating estimates of $17.57 billion.

In revenue terms, wearables and accessories generated $8.79 Billion, an increase from $7.88 Billion, surpassing consensus estimates of $9.28B.

You can keep up-to date on the latest earnings reports by visiting Investing.com’s earnings calendar

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