Quarterly figures: Apple suffers from lack of chips

Apple is usually used to success when it comes to its quarterly results. In principle, this was also the case in the third quarter of the year, but the figures could have been significantly better. CEO Tim Cook had to admit that Thursday evening. The reasons are production problems at suppliers, sometimes known as the chip crisis.

From the outside, Apple’s business figures for the three months to September 25, 2021 look excellent. Sales went up 29 percent: Apple did not make $ 83.4 billion in any earlier September quarter. Operating profit rose 61 percent to $ 23.8 billion. So Apple can keep nearly 29 percent of every dollar earned as operating profit. Practically in lockstep, net profit rose 62 percent to $ 20.6 billion.

But there is a prosperity problem: Despite the high growth, Apple has missed the high prognoses of the stock marketers. Cook himself admits that supply chain bottlenecks and corona pandemia probably cost 6 billion dollars in sales. Institutional investors didn’t like it at first – after the hours the shares fell by more than three percent. Analysts had hoped for $ 1.5 billion more in total sales. And even with the iPhone net sales, which have grown to 38.9 billion (plus 47 percent), they had expected a good 2.7 billion dollars more.

According to Cook, there were delivery bottlenecks in all important areas, for iPhone, iPad and Mac. He also shared the good news that the basic COVID-19-related manufacturing problems had “improved significantly”. However, the Apple boss also anticipates a persistent chip crisis, with older processors being particularly rare – the post-production of current A and M chips for iPhone, iPad and Mac is apparently going well. Apple’s gross margin was 42.2 percent (+4 percentage points).

Apple plans to pay its shareholders a dividend of 22 US cents per share. In the third quarter, Apple returned $ 24 billion to shareholders through share buybacks and dividends. Apple wants to run down its cash holdings.

As always, the iPhone was ahead in the individual segments. As mentioned, it brought in $ 38.9 billion in net sales (+ 47%). In the service segment, Apple achieved net sales of 18.3 billion dollars, an increase of 25 percent. This includes the App Store, but also Apple Music, iCloud, Apple Pay, AppleCare, licenses and more. Apple now manages 745 million subscriptions for itself and others.

The Mac business breaks a new record for all quarters at 9.2 billion dollars (+ 2%) – although the new MacBook Pro models did not appear until October. The division with Werarables, home devices and accessories made $ 8.8 billion (+ 12%). Net sales for iPads are $ 8.3 billion – that’s not a record, but 21 percent more than in the third quarter of 2020.


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