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Apple Earnings Call Shows Strong iPhone 12 and Mac Sales, Warns Chip Shortage May Hurt Business

Image for Representation (Reuters)

Image for Representation (Reuters)

Last week, Apple hosted its first event for 2021, where the company launched the new iPad Pro tablets, a new redesigned M1-powered iMac, AirTags item trackers, a purple iPhone 12, and the new Apple TV 4K streaming box.

Cupertino-based giant Apple yesterday posted its latest earnings report yesterday, where the company showed a strong ongoing demand for iPhone 12 in Q1 2021. Apart from iPhone, sales for iMac and iPad also increased in the past quarter, with iMac seeing a 70 percent increase in sales, while iPad seeing a 78 percent surge in sales. This, according to the company, is due to continued remote work and schooling necessitated by the COVID-19 pandemic. Apple, in its latest earnings call, reported the March quarter revenue of $89.6 billion (roughly Rs 6.64 lakh crores), up 54 percent year-on-year (YoY). The company’s iPhone contributed to just under $48 billion (roughly Rs 3.56 lakh crores) in Q1 2021, a 66 percent YoY growth. The $89.6 billion quarter comes after Apple’s saw itself surpass $100 billion in revenue for the first time in history in the last quarter that ended in December 2020.

The iPhone sales surpassed expectations by $6.5 billion, with Mac sales exceeded expectations by about a third. Apple also announced a $90 billion share buyback, a day after Google promised to repurchase $50 billion in stock. Apple Chief Executive Tim Cook said on an investor call that Apple avoided a chip shortage in the fiscal quarter by burning through supply buffers. In the current quarter, however, the chip shortage could cost Apple $3 billion to $4 billion in revenue, the company’s Chief Financial Officer Luca Maestri said. Cook said that the chip shortage primarily affects the iPad and the iMac, and said that the company may face challenges there as there could be trouble sourcing semiconductors made with older chipmaking technology.

Last week, Apple hosted its first event for 2021, where the company launched the new iPad Pro tablets, a new redesigned M1-powered iMac, AirTags item trackers, a purple iPhone 12, and the new Apple TV 4K streaming box.

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