Apple earnings misses on revenue

Apple reported earnings after the close on Thursday. Earnings per share came in at $1.24 versus the estimate of $1.24. Revenue came in at $83.36 billion versus the estimate of $84.85 billion. Apple fell over 4% in extended trading.

Apple stock is trading at $146.7 in the aftermarket for a loss of 3.85%. Apple revenue fell short of Wall Street expectations in its fiscal fourth quarter, which Apple CEO Tim Cook attributed to larger-than-expected supply constraints.

The supply constraints were driven by the industry wide chip shortages that have been talked about a lot, and COVID-related manufacturing disruptions in Southeast Asia.

Apple’s overall revenue was still up 29% and each of its product categories grew on an annual basis.

Apple CEO Tim Cook told Reuters Apple had “larger than expected supply constraints” , “We’re doing everything we can do to get more (chips) and also everything we can do operationally to make sure we’re moving just as fast as possible,” Cook said. “We’re projecting very solid demand growth year over year. But we are also predicting that we’re going to be short of demand by larger than $6 billion,” Cook added.