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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’s third quarter results were mixed according to Investing.com. Wall Street expects a lower revenue as the chip shortage continues to impact 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 million. Investing.com polled analysts and predicted EPS at $1.23 for revenue $84.85 billion.

iPhone revenues, about half of total revenue rose from $26.44 to $38.98 Billion a year ago, exceeding estimates of $41.60B. This was due to strong demand for the new iPhones.

CNBC’s Tim Cook spoke out about Apple CEO Tim Cook’s comments regarding the negative impact on iPhone sales due to “larger supply constraints than anticipated,” which he estimates at $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.

The revenue from wearables, accessories, and home was $8.79 billion. This is an increase of $7.88 billion.

Keep up to date with all the earnings reports coming soon by visiting Investing.com’s earnings calendar

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