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Apple shares fall after the company warns of a potential $8 billion surprise due to supply curbs
Apple's revenue rose nearly 9 percent year-on-year in March, the company said Thursday, indicating strong growth and warding off investor concerns about the deteriorating macroeconomic environment, hurting demand for...
Updated: 49 months ago2 min read
Apple CEO Tim Cook added that the company is "not immune" to supply chain challenges.
Apple's revenue rose nearly 9 percent year-on-year in March, the company said Thursday, indicating strong growth and warding off investor concerns about the deteriorating macroeconomic environment, hurting demand for smartphones and high-end smartphones.
But Apple shares fell nearly 4% in extended trading after Apple CFO Luca Maestri warned of several challenges in the current quarter, including Covid-19-related supply curbs, which could drop sales by $4 billion to $8 billion. The tech giant also warned that the Covid-related lockdowns had reduced demand in China.
Here's how Apple handles Refinitiv's consensus rating:
- EPS: $1.52 vs. $1.43 approx
- Revenue: $97.28 billion versus forecast of $93.89 billion, up 8.59% year-on-year
- iPhone revenue: $50.57 billion versus forecast of $47.88 billion, up 5.5% year-on-year
- Service Revenue: $19.82 billion versus forecast of $19.72 billion, up 17.28% year-on-year
- Revenue from other products: $8.81 billion versus forecast $9.05 billion, up 12.37% year-on-year
- Mac revenue: $10.44 billion versus forecast of $9.25 billion, up 14.73% year-on-year
- iPad revenue: $7.65 billion versus forecast of $7.14 billion, down 1.92% year-on-year
- Gross margin: 43.7% vs 43.1% calculated
Apple did not guide for the current quarter -- the company did not provide official earnings guidance for February 2020, citing uncertainty surrounding the pandemic.
Additionally, Apple said its board of directors had authorized a $90 billion share buyback, in line with publicly traded companies spending the most on buying their shares. Spend $88.3 billion on buybacks in 2021, according to the S&P Dow Jones index.
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