Jan 27 (Reuters) – Apple on Thursday reported better-than-expected revenue and net profit for the October-December quarter last year, the surge in iPhone sales, notably in China, having more than compensated for the difficulties in the supply chains.
After the announcement of these results, the title Apple gained 1.75% in post-close trading on Wall Street, after ending the day virtually unchanged.
The Apple brand’s stock has lost nearly 10% since the start of the year, as investors reorganize their portfolios away from stocks that have risen the most since the start of the coronavirus pandemic to favor less risky assets.
Chief executive Tim Cook warned in October that semiconductor shortages affecting virtually all of the brand’s products could cost it up to $6 billion in sales.
Chief Financial Officer Luca Maestri told Reuters the impact of the shortage had actually been greater than that estimate, but stressed that the situation should improve in the first three months of 2022.
“The level of constraints is going to depend a lot on other companies, what the demand for semiconductors will be from other companies and from other industries. It’s hard for us to forecast, so let’s try to focus on the short term,” he said.
While few competitors launched new products during the holiday season, the iPhone 13, which began shipping just before the start of the fourth quarter, boosted Apple’s sales to 71.6. billion (about 64.25 billion euros) between October and December, an increase of 9% compared to the same period in 2020, well above Wall Street expectations, according to Refinitiv data.
Apple’s share of China’s smartphone market hit an all-time high of 23% in the fourth quarter, and the U.S. company topped the list of manufacturers there for the first time in six years, the company reported on Wednesday. CounterpointResearch.
Apple posted October-December revenue of $123.9 billion, up 11% year on year, beating consensus of $118.7 billion, according to IBES data from Refinitiv.
Earnings per share were $2.10, again above analysts’ forecasts ($1.89). (Danielle Kaye and Paresh Dave, French version Tangi Salaün)