Apple Revenue Pops 11% To $123.9 Billion Despite Supply Chain Concerns

Apple “beat analyst estimates for sales in every product category except iPads and overall revenue was up 11% annually.” This is despite global supply chain challenges caused by the covid-19 pandemic. Here is how Apple did in the quarter ending Dec. 25 versus Refinitiv consensus estimates (via CNBC): EPS: $2.10 vs. $1.89 estimated, up 25% year-over-year

Revenue: $123.9 billion vs. $118.66 billion estimated, up 11% year-over-year
iPhone revenue: $71.63 billion vs. $68.34 billion estimated, up 9% year-over-year
Services revenue: $19.52 billion vs. $18.61 billion estimated, up 24% year-over-year
Other Products revenue: $14.70 billion vs. $14.59 billion estimated, up 13% year-over-year
Mac revenue: $10.85 billion vs. $9.52 billion estimated, up 25% year-over-year
iPad revenue: $7.25 billion vs. $8.18 billion estimated, down 14% year-over-year
Gross margin: 43.8% vs. 41.7% estimated

[Apple CEO Tim Cook] said that the company’s supply issues were improving. He said that in terms of supply challenges, the December quarter was worse than Apple’s September quarter, but that he is projecting the March quarter to improve. “Our biggest issue is chip supply, it’s chip supply on legacy nodes,” Cook said. “And we’re doing okay on the leading edge stuff.” […] “What we expect for the March quarter is solid year-over-year revenue growth,” Cook said. “And we expect supply constraints in the March quarter to be less than they were in the December quarter.”