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Wednesday, April 17, 2024
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Apple Fights Off Supply Chain Issues in $83.4B Quarter

  • Apple lost $6 billion due to supply chain issues, but still banked $83.4 billion in fiscal Q4 revenue.
  • The company missed expectations.
Apple/Design: Alex Brooks

Apple took in $83.4 billion in its fiscal fourth quarter, up 29% year-over-year despite a supply chain crunch.

The tech giant sold $65.1 billion in products, despite a crunch that CEO Tim Cook estimated cost the company around $6 billion.

The company’s wearables segment brought in $8.8 billion in the quarter. The Apple Watch Series 7 debuted on Oct. 15, but some shipment dates have been delayed well into December.

Apple’s services division, which includes Apple TV, Apple Fitness+, and Apple Arcade, grew 25.6% to reach $18.3 billion in revenue. The division has 745 million paid subscribers.

  • The company announced that Apple Fitness+ would roll out in 15 new countries, and enable users to workout or meditate with friends through its SharePlay function.
  • In 2020, it made $13.54 billion in gaming from its 30% developer fee on App Store downloads and in-app purchases, according to analyst Sensor Tower.
  • The NFL is reportedly hoping that Apple makes a strong bid for its “NFL Sunday Ticket” package, which could cost as much as $2.5 billion.

Apple ended its fiscal year with $297.4 billion in revenue, up 34.7% from the previous year.

The company’s stock slipped around 5% in after hours trading, as analysts were expecting $84.9 billion in quarterly revenue.

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